More Crypto Exchanges Likely To Blow Up, Says Wave Financial CEO
With over $1 billion in assets under management, Wave Financial, a cryptocurrency asset manager, was able to weather the collapse of FTX with no customer losses, according to PRNewswire. It is now alerting users of possible hazards with other crypto exchanges.
We did have assets on FTX for clients a week or two before it actually imploded, but we knew what was going on or started to hear what’s going on long before there was a real problem and got all the assets out.
David Siemer, Wave Financial’s CEO, said
FTX declared bankruptcy in November, leaving hundreds of thousands of consumers’ assets locked on the exchange. Prosecutors in the United States charged former CEO Sam Bankman-Fried with fraud and money laundering last week. Siemer believes the misery will not end there.
Our expectation is there are a whole bunch of others, some of them even top 10, exchanges that are probably functionally insolvent as well, And we’re just sitting around waiting to see when they blow up.
Siemer added
According to Siemer, any more exchange failures will result in more negative news and increased scrutiny of the crypto business from authorities, but the harm will be a fraction of FTX’s impact.
This means that Binance, the world’s largest cryptocurrency exchange, isn’t on Siemer’s list of potential threats. Some market participants have speculated about the exchange’s viability, and it witnessed big withdrawals last week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Website: coincu.com
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More Crypto Exchanges Likely To Blow Up, Says Wave Financial CEO
With over $1 billion in assets under management, Wave Financial, a cryptocurrency asset manager, was able to weather the collapse of FTX with no customer losses, according to PRNewswire. It is now alerting users of possible hazards with other crypto exchanges.
We did have assets on FTX for clients a week or two before it actually imploded, but we knew what was going on or started to hear what’s going on long before there was a real problem and got all the assets out.
David Siemer, Wave Financial’s CEO, said
FTX declared bankruptcy in November, leaving hundreds of thousands of consumers’ assets locked on the exchange. Prosecutors in the United States charged former CEO Sam Bankman-Fried with fraud and money laundering last week. Siemer believes the misery will not end there.
Our expectation is there are a whole bunch of others, some of them even top 10, exchanges that are probably functionally insolvent as well, And we’re just sitting around waiting to see when they blow up.
Siemer added
According to Siemer, any more exchange failures will result in more negative news and increased scrutiny of the crypto business from authorities, but the harm will be a fraction of FTX’s impact.
This means that Binance, the world’s largest cryptocurrency exchange, isn’t on Siemer’s list of potential threats. Some market participants have speculated about the exchange’s viability, and it witnessed big withdrawals last week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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