Reports indicate Coinbase rejected a bid to buy out rival exchange FTX while Binance too now shows concerns over a tentative deal. Is this evidence of deeper problems in SBF_FTX's crypto empire, DavidZMorris writes. Opinion for The Node newsletter
“None of the Digital Assets in your Account are the property of, or shall or may be loaned to, FTX Trading; FTX Trading does not represent or treat Digital Assets in User’s Accounts as belonging to FTX Trading.”
The restrictive terms are a useful contrast with a platform like Celsius Network, whose entire premise was using customer funds to generate returns through speculative lending and trading. CelsiusBut deposits at FTX were not supposed to be subject to that kind of risk – while individual tokens might lose value, the expectation of a centralized exchange is that they won’t gamble with your money.
However, there are suddenly hints that something else may have been going on. Among those signs were dark intimations from Coinbase CEO Brian Armstrong in an"I had a number of conversations with people over the last 24 hours,” Armstrong said, “And there's reasons why [Coinbase acquiring FTX] would not make sense, and we're not quite at liberty to share the details right now. I’m going to let other people share that if and when they’re ready ...
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These Four Key Charts Shed Light on the FTX Exchange's Spectacular CollapseFour key charts from Nansen_ai and TradingView show why FTX agreed to sell itself to bigger rival Binance. On-chain data offers a fresh perspective on FTX's liquidity crunch, illustrating how the drama escalated so quickly. reports
Read more »
FTX Collapses, Binance Prepares Takeover: Why Is This Dangerous for Crypto?Here's why FTX/Binance drama will affect all cryptocurrency users globally regardless of their portfolios or strategies
Read more »
Lack of FTX buyer would leave 'giant hole' in crypto markets: Circle CEO“We don’t know the details of a term sheet, is that something other potential firms could compete around?” Allaire said.
Read more »
Galaxy Digital reveals $77 million exposure to FTX in Q3 earningsGalaxy Digital dropped earnings pre-market on Wednesday revealing a $76.8 million exposure to FTX.
Read more »