GTFO FTX and BINANCE, actually get off all exchanges, but these 2 have the FTX contagion.
They have tens of billions in loans backed by an excel spreadsheet token that they can print and print with no limit.
If you dont understand, it has no value (literally an infinite amount of tokens can be created), so why did they waste money on pumping it? Its because they likely use it as collateral to get Tether USDT.
Edit: Eg. what coinflex did was sell off everyones crypto and then say they owe them some dollar value, but they might never pay it. So basically a free loan that they might keep forever, that is debt in USD since they liquidated the crypto (without consent obviously).
It is similar to the Luna/UST story, they pump some shitty token and trade it for USD, which they use to pump the token some more etc…
Edit: They have 8 billion of FTT on their balance sheet but the entire market cap is 3 billion, so they are missing 5 billion of assets, but also the 3 billion is printed out of thin air and might be worthless: https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/
Edit 2: SBF even posted on twitter that he is manipulating FTT prices: https://twitter.com/SBF_FTX/status/1587080196292837376