2022-11-14
After Changpeng Zhao, CEO’s Binance which is the giant crypto trading exchange declared to sell all his FTT tokens which were on FTX in huge volume. This issue has severely shaken the cryptocurrency market to a liquidity collapse of FTX currently.
That’s a point, Sam Bankman-Fried, Ex-CEO of FTX had transferred around $10 billion of customer funds from FTX to the digital asset trading house, Alameda Research under his administration. It made CZ decide to withdraw all FTT tokens he held out from FTX. This cause brings pained inevitably to all investors this month.
“This year we’ve seen a huge number of things that break because they have a model which is fundamentally bad,”
Buterin
said at LaBitConf.
This collapse is the worst situation in the crypto
community which was destroyed by Sam Bankman-Fried; FTX’s
ex-CEO.
So, according to this cause,
it makes all traders realize to deal with depositing their assets with trading
exchange more. There are professional crypto traders who suggest to all traders,
they must transfer tokens to their personal wallet first for safety during this
horrible situation.
Source link: Decrypt // coindesk.com
Credit picture by: Vitalik Buterin speaking at LaBitConf. Image: Jose Lanz/Decrypt.
