Red Flags At WhiteBIT Exchange: High Interest Rates, Expert Warns Of Fund Shortage
Key Points:
- WhiteBIT exchange offers annualized interest rates up to 24.8% on Tether deposits.
- The exchange has ties to Justin Sun and its own ICO, the WhiteBIT Coin (WBT), which raises concerns.
- Wu Blockchain warns of a possible fund shortage when an exchange offers high earning rates.
WhiteBIT exchange offers high rates on Tether deposits, but its ties to Justin Sun and WBT raise concerns. Wu Blockchain warns of possible fund shortage.
WhiteBIT exchange has been making headlines for offering annualized interest rates as high as 24.8% on Tether (USDT) deposits for a year on its lending platform. This is five times the average USD money market rate, which raises a red flag.
Arkham Intelligence indicates that WhiteBIT has over $1.59 billion in digital assets, with its own ICO, the WhiteBIT Coin (WBT), accounting for $1.58 billion of that figure. However, it seems implausible that WhiteBIT’s customers hold 99% of their assets in WBT, a claim that the exchange makes.
The exchange boasts over 150 crypto trading pairs and supports two exotic fiat currencies, the Ukrainian hryvnia and Kazakhstani tenge. Moreover, WhiteBIT has some curious ties to Justin Sun, the founder of Tron and BitTorrent.
Funds flow frequently between WhiteBIT and Sun’s Huobi exchange, which may explain the high-interest rates on offer. Sun has a long history of advertising stratospheric returns on dubious stablecoins, including 150% to 392% on his USDD stablecoin, 2,366% on USDJ, 30% on USDC, and 23% on TUSD. Sun controls vast quantities of, and decision-making powers over, most of those stablecoins.
According to Wu Blockchain, when an exchange offers a high earning rate, there may be a shortage of funds. In addition, Huobi’s deposit address ranks second among the addresses with frequent funds exchanges with WhiteBIT, and the fund’s exchanges between the two have exceeded 1.39 billion US dollars.
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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Red Flags At WhiteBIT Exchange: High Interest Rates, Expert Warns Of Fund Shortage
Key Points:
- WhiteBIT exchange offers annualized interest rates up to 24.8% on Tether deposits.
- The exchange has ties to Justin Sun and its own ICO, the WhiteBIT Coin (WBT), which raises concerns.
- Wu Blockchain warns of a possible fund shortage when an exchange offers high earning rates.
WhiteBIT exchange offers high rates on Tether deposits, but its ties to Justin Sun and WBT raise concerns. Wu Blockchain warns of possible fund shortage.
WhiteBIT exchange has been making headlines for offering annualized interest rates as high as 24.8% on Tether (USDT) deposits for a year on its lending platform. This is five times the average USD money market rate, which raises a red flag.
Arkham Intelligence indicates that WhiteBIT has over $1.59 billion in digital assets, with its own ICO, the WhiteBIT Coin (WBT), accounting for $1.58 billion of that figure. However, it seems implausible that WhiteBIT’s customers hold 99% of their assets in WBT, a claim that the exchange makes.
The exchange boasts over 150 crypto trading pairs and supports two exotic fiat currencies, the Ukrainian hryvnia and Kazakhstani tenge. Moreover, WhiteBIT has some curious ties to Justin Sun, the founder of Tron and BitTorrent.
Funds flow frequently between WhiteBIT and Sun’s Huobi exchange, which may explain the high-interest rates on offer. Sun has a long history of advertising stratospheric returns on dubious stablecoins, including 150% to 392% on his USDD stablecoin, 2,366% on USDJ, 30% on USDC, and 23% on TUSD. Sun controls vast quantities of, and decision-making powers over, most of those stablecoins.
According to Wu Blockchain, when an exchange offers a high earning rate, there may be a shortage of funds. In addition, Huobi’s deposit address ranks second among the addresses with frequent funds exchanges with WhiteBIT, and the fund’s exchanges between the two have exceeded 1.39 billion US dollars.
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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