FTX Event Update: Platform token OKB rises instead of falls, ETH ranks third in the top ten market cap with the largest drop.

From a top exchange to declaring bankruptcy, FTX took only about ten days, but the far-reaching impact on the broader crypto market may take some time to recover.

The incident began with the leaked balance sheet on 11/2 by CoinDesk, panic started to brew within days and gradually reflected in cryptocurrency prices, with the overall market cap now falling below the levels of Terra and Celsius at the time of the incident.

Top Ten Cryptocurrencies

Since 11/2, MATIC -10.88%, TRX -18.27%, and BNB -20.51% have seen the smallest declines.

DOGE -46.61%, SHIB -35.55%, and ETH -30.73% have experienced the largest drops in the top ten market capitalizations.

Bitcoin has dropped by 23.15% to $16,000, falling below the $17,000 level seen in June of this year.

Platform Tokens

During the event, OKX +20.16% and Bitfinex -15.35% were the only two exchanges without major scandals; Binance -20.61% initially appeared as a savior but ultimately abandoned the acquisition of FTX, leaving the community questioning its motives.

The rest, Huobi -44.15%, Crypto.com -44.06%, KuCoin -36.16%, have all faced concerns about reserve assets; Bybit also had a scandal of dumping at the beginning of the event.

FTT is currently priced at around $1.27, with a staggering drop of -95.11%.

Solana Ecosystem Hit Hard

Solana SOL has dropped by -65% since 11/2, with the current price around $11, returning to levels seen in February of last year.

The total TVL of the Solana ecosystem has also plummeted from $9.58 billion to $2.82 billion, a decrease of -70.56%. When compared to the peak TVL of $101.7 billion during Solana's peak, the TVL has collapsed by 97.2%.