News

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

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

11 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.