GameFi Platform Creates an Educational Game on FTX Collapse

ChainPlay

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one year ago

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The news of the sudden collapse of FTX(Futures Exchange), 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 many 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(Fear Uncertainty Doubt) 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.

Image source: Ethlas

According to Wui Ngiap Foo, CEO & Co-founder 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.