Everyday is a blessing, but you woke up this morning feeling frustrated looking at the sickening price charts. Your attempts to make a wise trading decision with proper risk evaluation seemed to be taking a back-seat. And, the only real friend accompanying you in this arduous journey was Mr. ‘Loss.’ In the sheer hope of […]
It should not be forgotten here that Binance and CZ have played an important role in the entire FTX collapse saga.Everything was relatively going well for the FTX crypto exchange until Wednesday when a crypto news publicationthe balance sheet of Alameda Research, FTX’s sister hedge fund. It was found that Alameda held billions of dollars worth of FTT. And, in fact, it had been using it as collateral in further loans- an information that users and FTT holders were clearly, not aware of.
Some speculated that user funds on FTX was finding its way to Alameda behind the scene. This evolved into concerns that FTX didn’t have enough crypto in their possession to answer users’ withdrawals.Crypto holders gradually started to withdraw from FTX out of caution. The bank run of FTX increased after it was
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash . Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4SBF reacted to CZ’s decision with his own series of tweets, alleging, “A competitor is trying to go after us with false rumours.” He even stated, “FTX is fine. Assets are fine.
In response to which, Zhao announced that Binance would buy FTX and rescue it. This gave a momentary relief to all the FTT holders in the crypto community. And, the entire market awaited CZ’s decision patiently.
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