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What is Saga (SAGA)?

Saga basic info

Name:Saga
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Introduction:

“Truth is stranger than fiction, but it is because Fiction is obliged to stick to possibilities; Truth isn't.”

  • Mark Twain

FTX was one of the biggest crypto exchanges with a peak evaluation of $32 billion and was promoted by A-list celebrities such as Tom Brady, Gisele Bündchen, and Stephen Curry. Founded in 2019 by supposedly wonder boy Sam Bankman-Fried (SBF), the exchange quickly rose to prominence, raising billions of USD from the likes of Softbank and BlackRock, acquiring multiple crypto firms, while having stadiums named after it. Then in 2022, in a matter of days, the exchange fell apart with lightning speed. Incidents after incidents kept pouring in like endless waves of a tsunami, and before anyone knew it, $8 billion vanished into thin air like a swift David Copperfield act.

What happened? Why did it happen? And what are the aftermaths?

The Crypto Burrito (Volume I): Ethereum Merge

The Crypto Burrito (Volume II): Terra’s Fall From Grace

The Crypto Burrito (Volume III): The Never-Ending Saga of FTX

The Crypto Burrito (Volume IV): Understanding 2022’s Crypto Bankruptcy Filings

Timeline of FTX Collapse

This fallout of FTX is hella complicated with many people and events involved, so we will try to provide you with a summary timeline of how the extraordinary series of events unraveled.

Note: The timeline provided herein is in GMT+8.

Signs of a Looming Problem

● September 14, 2022: Bloomberg published an article raising concerns about the dubiously tight ties between Alameda Research (co-founded by SBF and CEO-ed by SBF’s girlfriend, Caroline Ellison) and FTX. Alameda was the largest trader and liquidity provider on FTX, and enjoyed unfair advantages when trading on the “sister” exchange.

● September 27, 2022: President of FTX.US, Brett Harrison, resigned for no obvious reason. The previous month, the co-CEO of Alameda, Sam Trabucco, also quit with no clear explanation.

● October, 2022: It was reported that SBF was desperately seeking capital and there were issues with payroll and bonuses in FTX since the beginning of 2022.

The Beginning of the End

● November 2, 2022: CoinDesk reviewed Alameda’s balance sheet and announced that most of Alameda’s $14.6-billion asset is made up of FTT, the token printed out of thin air by FTX, and that the trading firm had $8 billion liabilities. At that time, the circulating market cap of FTT was $5.1 billion as per FTX itself, but the total amount of FTT that was in Alameda’s balance sheet was worth approximately $6 billion (?!).

● November 6, 2022: CZ of Binance announced on Twitter that Binance would sell all the FTT they had “due to recent revelations that have come to light”, and the stack was valued at more than half a billion USD then.

● November 8, 2022: $6 billion was reported to have been withdrawn from FTX in the span of 72 hours since CZ’s tweet, causing FTX to suspend withdrawals.

On his personal Twitter account, SBF put the blame on Binance and assured the users by saying that “FTX has enough to cover all client holdings” and “FTX is fine. Assets are fine.” These tweets are now deleted.

Later that day, SBF made an abrupt U-turn, admitting to liquidity crisis on FTX and asking for Binance’s help. Binance entered a non-binding agreement to acquire FTX, excluding FTX.US, with the intention to provide liquidity for FTX’s users.

80% of FTT’s value was wiped out at the end of the day.

● November 9, 2022: FTX was revealed to be under investigation in the US by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for mishandling of customer funds and for the unusually close relationships with FTX.US and Alameda Research.

SBF called investors and said that FTX needed $8 billion to cover the fund deficit caused by sudden mass withdrawals and at least $4 billion to avoid bankruptcy. Turned out the tweets SBF made the day before was all hoax.

Alameda took down its website.

● November 10, 2022: Binance decided to step away from the deal to acquire FTX, citing reasons being mishandled customer funds and alleged investigations in the US. Binance also said that the situation at FTX is “beyond [their] control or ability to help”.

These remarks from Binance implied that the problem with FTX was potentially fraud, not a mere liquidity crunch as initially asserted by SBF.

● November 11, 2022: FTX, FTX.US, and Alameda Research filed for bankruptcy.

SBF resigned and John Jay Ray III, a corporate restructuring expert who oversaw the case of Enron, assumed control as CEO of FTX.

There Is No Worst, Only Worse

● November 11, 2022: Both Reuters and the Wall Street Journal found out that the amount FTX lent Alameda might amount to $10 billion, all of which was supposedly taken from customer deposits on FTX. It was worth noting that the total value of customer assets on FTX at the time was $16 billion. Among the $10 billion moved to Alameda, between $1 billion and $2 billion disappeared without a trace and nobody knew where it went.

● November 12, 2022: FTX was drained of half a billion USD. It was said that the exchange had been hacked, FTX apps had become malware, and accessing FTX websites would infect your devices with Trojans.

● November 13, 2022: The Royal Bahamas Police investigated FTX for potential criminal misconduct.

Kraken announced that they could identify the ones that hacked FTX of half a billion USD through connected verified Kraken accounts and decided to freeze all accounts related to FTX and Alameda.

The Financial Times got a hold of FTX’s balance sheet dated to November 10, on which data demonstrated that FTX had $900 million in liquid assets against $9-billion liabilities.

● November 15, 2022: US’s Federal Prosecutors started investigation on FTX.

● November 16, 2022: SBF and celebrity endorsers of FTX were sued.

● November 17, 2022: In the sworn declaration submitted to US bankruptcy court, John Jay Ray III confirmed there was indeed a secret backdoor software to loot customer funds from FTX to Alameda and Alameda had special exemption from FTX’s auto-liquidation mechanism. He also commented: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” Spoken by a man who did the notorious Enron case and had more than 40 years of experience, these words consolidated how much of a disaster FTX was.

Orange Jumpsuits Awaiting the Dashing Ex-Executives

● December 12, 2022: SBF was arrested by Bahamian authority, thereby missing the US congressional hearing scheduled the next day.

● December 13, 2022: SBF was charged with eight counts of fraud among other criminal offenses in the by the U.S. Attorney’s Office. He was also charged with frauds and material misinterpretations by SEC and CFTC.

● December 21, 2022: Caroline Ellison and Gary Wang (co-founder and ex-CTO of FTX) were charged with fraud by SEC. They both pleaded guilty and could potentially spend the rest of their lives in prison.

SBF was extradited to the US.

● December 22, 2022: SBF was released on a $250-million bail and was allowed to stay at his parents’ house while waiting for trial. This is, till date, the biggest federal white-collar pre-trial bail ever in history.

● January 3, 2023: SBF pleaded not guilty to all charges. His next trial would happen in October, 2023.

The Oscar-Worthy Acting of SBF

Since he arrived at the crypto scene, SBF had sustained a somewhat convincing public façade of a tech genius – entrepreneur that lived humbly, donated millions to charities, appeared next to world leaders, and attended top-profile events such as the World Economic Forum 2022. His performance was so impressive that he was hailed by Fortune as the next Warren Buffet at the age of 30. The man often appeared before the public eyes in t-shirt or hoodies and shorts with the notorious bird nest-lookalike bedhead. There was even a TikTok of him dancing and saying that all his clothes could fit in a backpack.

As his crypto empire built upon lies fell apart and the truth started coming out, SBF went on a “press tour” in a dire attempt to save his face (probably his ass too). Incredibly, despite all the questions and pressure put on him, the man almost never lost his cool. But this time, he abandoned the appearance of a genius poster boy who could lift the world with his pinky, and donned the guise of a heedless innocent boy whose motto was “I don’t know what happened”. Indeed, for the innumerable interviews, the ex-CEO made himself look like he did not know how his companies functioned at all, being unaware of the balance sheets, where the money was, who could access which data, and “misreading” $10 billion. During a two-hour long interview with Good-Morning America against his lawyer’s advice, the fraudster insisted on blaming FTX’s collapse on negligence not defrauding, blaming himself for not spending “any time or effort” on risk management.

However, under enough pressure, any mask cracks. With enough prying, the truth unveils.

Behind the scenes of the frugal former-multibillionaire, the man secretly owns multimillion-dollar real estates hidden in the Bahamas. Behind the scenes of an outspoken advocate for regulations on crypto, the truth was: “[eff] regulators”, as he said during a Vox interview after the bankruptcy.

No matter how open and honest SBF was, it was only a façade. Thus, when the real questions were asked, he suddenly had a meeting to attend, went dumb with endless “um-ah”, or beat around his multibillion bushes even when it was a simple yes or no question.

A YouTuber called Coffeezilla was determined with drawing the truth from the mouth of the ex-CEO of FTX, sneaking in several Twitter spaces where SBF attended to grill the man about FTX. His hard work paid off more handsomely than any other professional reporters as he made Sam admit to frauds and expose his true colors.

Despite all this, SBF, now known as Scam Bankrupt-Fraud, denied committing frauds during his first trial in 2023.

Perhaps he was loyally fulfilling his own prophecy, “I think it’s important for people to think I look crazy,”

We will have to wait until October 2023 to see what mask he puts on next. One thing for sure is no matter what guise he chooses, the developer of his most beloved video game, League of Legends, and the leaders of the social movement that he strongly supports, effective altruism, already want nothing to do with him.

Collateral Damage on the Crypto Market

Needless to say, numerous companies and countless people are affected by the crash of the used-to-be-$32-billion FTX.

Apparently the hardest-hit are the ones closely related to FTX and Alameda. FTX “rescued” three crypto firms from bankruptcy but the buyout turned out to be more of a poison than a lifeline following this incident: BlockFi went bankrupt in November 28, 2022; Blockfolio had all of its website and social media channels closed without notice; while Voyager Digital also went bankrupt and had its assets bid on by Binance. Solana, the blockchain that SBF invested in, ended 2022 with a massive $50-billion loss.

The investors of FTX, including Sequoia, Temasek, SoftBank and BlackRock, who poured millions and billions into FTX saw their money go with the wind, too. Tragically, the Ontario Teachers’ Pension Plan invested $95 million into this dead exchange, so that means a lot of innocent people who are not involved in crypto are bound to lose money in their retirement plan.

As the result of the bankruptcy, most prominent cryptocurrencies dropped sharply in price.

Let’s not forget the thousands of employees of FTX and Alameda got to know the swift bankruptcy through social media and lost their jobs subsequently, as well as the 5 million users who have no idea where their money is now. The question whether users can recover a part or 100% of their funds deposited on FTX is still very much debated, judging from the fact that the exchange was conveniently hacked the day after bankruptcy filing.

Further monetary impact on the crypto market itself has yet to fully manifest, but a confidence crisis is definitely present.

As a result of this collapse, legislators from different countries are forced to take action.

EU lawmakers already made the most comprehensive set of rules for crypto called Markets in Crypto Assets regulation that will take effect in 2024, but after the FTX case broke out, they seriously doubt the rules have the ability to prevent the same thing from happening again.

Likewise, US legislators demand stricter crypto regulation. SEC was quick on their feet and immediately came for Gemini and Genesis.

Singapore, home to the state-owned investment company Temasek, considers the investment loss in FTX disappointing and damaging for the country. Consequently, the Monetary Authority of Singapore will propose and introduce new regulations for the crypto market.

The collapse of FTX happened at a breakneck speed, but the repercussion, perhaps, is long-lasting to the blockchain and crypto world. Whatever results the trial in October may have, the current crypto scenes and regulations will never be the same after.

Simply create an account, and start exploring the incredible Bitget-Verse today!

Disclaimer

While we do our utmost best to make sure that the information contained herein is acquired from reliable sources, we provide information on an "as-is" basis with no representations as to the validity, accuracy, usefulness, timeliness, or completeness of any information. We are not responsible for any errors or omissions, losses, and/or damages arising from its display or use.

The information, views, and opinions expressed herein are those of Bitget at the time of publication and are subject to change anytime due to economic or financial circumstances and may not necessarily be updated or revised to reflect those changes that arise after the date of publication.

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All-time high:$10
All-time low:$0.5000

SAGA supply and tokenomics

Circulating supply:-- SAGA
Total supply:-- SAGA
Max supply:0 SAGA
Market cap:--
Fully diluted market cap:--

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What is the development prospect and future value of SAGA?

The market value of SAGA currently stands at --, and its market ranking is #999999. The value of SAGA is not widely recognized by the market. When the bull market comes, the market value of SAGA may have great growth potential.

As a new type of currency with innovative technology and unique use cases, SAGA has broad market potential and significant room for development. The distinctiveness and appeal of SAGA may attract the interest of specific groups, thereby driving up its market value.

What will the price of SAGA be in 2025?
Based on SAGA's historical price performance prediction model, the price of SAGA is projected to reach $0.00 in 2025.
What will the price of SAGA be in 2030?
In 2030, the SAGA price is expected to change by +3.00%. By the end of 2030, the SAGA price is projected to reach $0.00, with a cumulative ROI of -100.00%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of SAGA and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is SAGA worth investing or holding? How to buy SAGA from a crypto exchange?

If you want to buy SAGA, the following information may be helpful for your investment decisions:
In the last 7 days, the price of SAGA has fallen by undefined%, leading to negative returns for most SAGA investors. The market is currently pessimistic about the price trend of SAGA.
It is important to note that the current price of SAGA has retreated by -79.63% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether SAGA is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in SAGA or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of SAGA, if you want to buy or sell SAGA, you can consider Bitget for your trading needs. The best place to buy SAGA is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Saga has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Saga. Here's a step-by-step guide on how to buy Saga on Bitget.

How to get Saga through other methods?

Using cash to buy Saga is not the only way to obtain Saga. If you have the time to spare, you can get Saga for free.
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All crypto airdrops and rewards can be converted to Saga through Bitget Convert, Bitget Swap, or spot trading.

What is Saga used for and how to use Saga?

The use case of Saga may expand as the crypto market and the project itself develop. Currently, you can use SAGA to achieve the following goals:
Arbitrage by trading SAGA: Since SAGA is a frequently traded cryptocurrency, the price of SAGA is always fluctuating. Earn more SAGA by buying low and selling high on the exchange. Bitget spot market provides a variety of SAGA trading pairs to fully meet your needs.
Earn by staking SAGA: You can also generate income through financial management methods such as staking SAGA or lending SAGA. Bitget Earn offers a variety of financial products designed to help you earn more income from your SAGA.
Send or pay SAGA: If you want to give SAGA to your friends, a charity, or a fundraiser, or you want to pay someone with SAGA, you can quickly and easily send SAGA to the recipient through their payment address.
You can also go to the official website of the Saga project to learn more about the use cases of SAGA. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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