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The story between cryptocurrency exchanges Binance and FTX has quickly unfolded and caused havoc in the crypto market, here’s a breakdown of where it began and...
“We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves,” the Crypto.com CEO said.
Neither FTX CEO Sam Bankman-Fried nor any FTX official has provided its users with clarity as to why FTX’s website was taken down.
According to reports, FTX CEO Sam Bankman-Fried asked investors for emergency funding to cover an $8 billion shortfall during a Nov. 9 investors call.
Cryptocurrencies understood to have exposure to Sam Bankman-Fried, FTX, and Alameda Research appear to have been impacted the most.
BTC and altcoins collapse following news that Binance declined to purchase FTX. Analysts share their perspectives on what’s next for the market.
The firm pushed Maple Finance to halt Alameda’s dedicated borrower pool earlier this year.
“With a global MiCA, the FTX crash would not have happened,” said European Parliament economics committee member Stefan Berger.
Similar protocols are used by Kraken, Bitmex, Gate.io, and many other exchanges, but were not used by FTX.
Binance faces far less competition in the aftermath of FTX’s fall, but it still may not win a surge in new users.
