[2022/11/10] FTX scandal

On Sunday, FTX exchange saw about $5b worth of withdrawals in a day. However, they were unable to fulfill all of those requests due to liquidity issues.

Then, Binance, the world’s largest cryptocurrency exchange jumped in and offer to cover FTX. However, they withdrew the offer the next day after doing their “corporate due diligence and considering the latest news reports regarding mishandled customer funds.”

You can read more about this scandal on The Verge.

Update on Nov 11: FTX filed bankruptcy and many other coin exchanges are racing to prove themselves (same source news – The Verge)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s