This is probably related to liquidity issues / solvency issues.
Sketch of timeline:
A CoinDesk article comes out claiming that much of FTX and Alameda assets are just its own tokens (“TFF” or “SOL”) and there is a circular relationship in assets between the two entities.
FTX.com has probably collapsed
See: https://twitter.com/SBF_FTX/status/1590012124864348160
This is probably related to liquidity issues / solvency issues.
Sketch of timeline:
A CoinDesk article comes out claiming that much of FTX and Alameda assets are just its own tokens (“TFF” or “SOL”) and there is a circular relationship in assets between the two entities.
Aggressive/hostile, but crisp analysis here: https://dirtybubblemedia.substack.com/p/is-alameda-research-insolvent
As a hostile action, another exchange / leader (“CZ”) publicly announced it was liquidating FTT token.
FTT falls by about 26% on Nov 7.
There is probably further pressure on FTX, see HN discussion of FTX withdrawals: https://news.ycombinator.com/item?id=33518961