Ripple CTO Explains What Will Happen To Dave Portnoy’s Bitcoin

Ripple CTO – Internet star Dave Portnoy from the United States highlighted his worries about what would happen to his Bitcoin holdings that are kept on the FTX market in a recent tweet.

Portnoy enquired as to whether he would still have access to his cryptocurrencies in the event that the troubled cryptocurrency exchange went under.

Portnoy will be classified as a creditor – Ripple CTO

Portnoy will be classified as a creditor, which implies that he will be “approximately last in line,” according to David Schwartz, chief technology officer of Ripple. Incorporating a change to the legislation, according to Schwartz, would prioritize clients by treating them like standard brokers.

Because of corporate due diligence, Binance disclosed that it had chosen to cancel the agreement with FTX. Alameda Research, a trading company under the direction of FTX CEO Sam Bankman-Fried, experienced significant losses.

In an attempt to salvage the company, Bankman-Fried reportedly transferred $4 billion without telling the other executives about it, according to a recent Reuters story. The aforementioned amount included consumer deposits in part. Investors were apparently informed by Bankman-Fried that the exchange was in financial trouble and had a $8 billion hole.

The U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Department of Justice are apparently looking into the FTX exchange.

Bitcoin just fell below the $16,000 mark as the issue grew worse. Fundstrat recently forecast that it might go below the $10,000 mark.

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