FTX Linked Crypto Exchange Halts Withdrawals, Deposits; This Is Why

After FTX announced decision to opt for chapter 11 bankruptcy, a top tier crypto exchange announced it halted withdrawals and deposits. The meltdown of Sam Bankman-Fried related crypto companies has already had a negative ripple on various entities in the ecosystem. Binance CEO CZ had earlier warned that the crypto market stares at cascading effects following the implosion of crypto exchange FTX. In the last two weeks, several associated cryptocurrencies like FTX Token (FTT) and Solana (SOL) lost significant value.