FTX’s severe liquidity crisis has caused the market to fall into chaos similar to the Terra-LUNA crypto crash in May. Before that, the owner of the major cryptocurrency exchange. The market leader has learned 2 lessons for companies.
Besides, CZ also confirmed that Binance has never used BNB as collateral and the company has never been in debt.
As was updated in the previous post, the liquidity crisis of FTX erupted when Binance announced to withdraw investment by selling all FTT holdings that caused a massive sell-off of the token.
Over the past 72 hours, FTX has had to handle over $6 billion in customer withdrawals, causing the exchange to suspend deposits and withdrawals and seek help from Binance. The acquisition of FTX is also under consideration.
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