In early November 2022, FTX competitor Binance announced the sale of FTT, causing a price crash and leading to FTX's bankruptcy, leaving customers unable to withdraw their assets. The FTX incident severely damaged the global crypto market, requiring a full year of consolidation and recovery before liquidity could be restored. The impact of the 10/11 incident on the crypto market is far greater than that of the FTX incident. Currently, liquidity is scarce. Exchanges that profited greatly during the peak (darkest hour) of the 10/11 incident are unlikely to return profits to the market for trading and price manipulation. Recovery is expected to take at least a year, possibly longer.
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