The collapse of Sam Bankman-Fried's FTX wiped out billions of dollars in assets as investors fled the troubled cryptocurrency exchange.
The implosion of FTX brought the exchange's native utility token, FTT, down along with it.
A report by CoinGecko found that in the days preceding the decision by FTX to halt withdrawals from the exchange, FTT's price dipped 7% from $24.01 on Nov. 6 to $22.27 on November 7th. CoinGecko provides a fundamental analysis of the digital currency market.
When FTX halted withdrawals the next day, the price of FTT fell to $22.08 with a market capitalization that was about $2.9 billion.
Following FTX's bankruptcy filing on Nov. 11, the price of FTT dropped precipitously.
As of Nov. 13, FTT's price plummeted to $2.10 which erased $2.6 billion in market capitalization — a decline of 90.4% to roughly $200 million in market cap — CoinGecko found.
Since then, the price of FTT has continued to slide and was trading at approximately $1.27 on Nov. 23.
Investors withdraw billions from crypto exchanges
Investors' flight from FTX had broader repercussions for other cryptocurrencies and the exchanges they trade on amid fears a contagion could spread beyond FTX to the broader crypto sector.
After FTX was hit with $7.5 billion in investor withdrawals from Nov. 2 to Nov. 8, the balances of other centralized exchanges dropped by $20.7 billion from $123.6 billion on Nov. 2 to $102.8 billion on Nov. 13, CoinGecko found.
That resulted in a decline of about 16.8% in the balances of the six largest cryptocurrencies, per CoinGecko's analysis.