While the devastating FTX event is ongoing, Ethlas has daringly released a game that features key events and people that has played a major part in the crypto exchange’s collapse. What does the game hope to achieve in spite of all the FUD currently circulating?
The news of the sudden collapse of FTX, one of the largest cryptocurrency exchange platforms, sent ripples all over the crypto markets affecting many investors, employees, and suppliers, leaving many at a massive loss. The event is considered one of the most shocking financial implosions in crypto, ripe with full of bitter lessons people new to crypto can learn from.
As such, a GameFi platform called Ethlas decided to create a game-like coverage of key events that seek to inform and educate fans of blockchain gaming about this recent event. Based in Singapore, Ethlas names the project “Battle of the CEXes”, even including FTX founder, Sam Bankman-Fried, and Binance CEO, ChangpengZhao in its banner.
What was the FTX collapse?
FTX suffered a massive liquidity crisis after alarming news surfaced that Sam Bankman-Fried, founder of FTX and Alameda Research hedge fund, had been allegedly loaning customer assets from FTX to Alameda. This caused numerous investors to sell off their cryptocurrency on FTX’s exchange until the company could no longer meet the massive demand for customer withdrawals and trades.
Additionally, the platform also experienced a hack that led to a loss of $400 million worth of funds. As of now, Sam has filed for bankruptcy, leading investors potentially with their pockets empty and exposed. Initially, Binance announced that it would engage in a nonbinding deal with FTX that would rescue the company from its impending liquidity crisis. But it has since then backed off leaving Bankman-Fried’s empire on an inevitable collapse.
What is the Game About?
The game features key events and information that played an important role in the history between FTX and Binance. Ultimately leading to FTXs demise, the history introduces beginners to common crypto terminology such as FUD and introduces them to key players within the industry. The game is available on battleshowdown.com and players access it through their web browser alone.
According to Wui Ngiap Foo, CEO & COfounder of Ethlas, “We hope that small steps like these help bridge the education gap within Web3, and hopefully build a better future for everyone”.
It’s nice to see that the GameFi community is deriving value from what is a very tragic event for the crypto community. Moreover, projects like these help immensely in bridging the gap in knowledge that ultimately protects those who are beginning to venture into the vast opportunities within the space. Let’s hope we can see more of these in the coming future.
The FTX liquidity crisis has undoubtedly led to many innocent traders and investors at a pitiful position, with very little possibility of their money ever coming back. However, this is the reality people have to face with in interacting with cryptocurrency. The industry is still very much in its infancy, thus is susceptible to many blunders such as this recent one.
Projects such as the “Battle of the CEXes” not only seek to extract as much educational value off the event, but do so in an entertaining and interactive way such as making a pixelized game out of the event. For most people, this is what we can personally do that can make the most out of situations like these. Make sure to stay informed and find out why things are the way they are, so that we won’t inevitably become victims to cryptocurrency projects losing ground.
Edmond is a passionate writer for Video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news websites.