E Point Perfect

FTX-Binance Conflict May Cause Great Harm to All Crypto Space: OKX Founder


article image

Yuri Molchan

Founder of OKX shares his concerns regarding escalating conflict between Binance’s CZ and Sam Bankman-Fried


Star Xu, founder of the OKX exchange, has taken to Twitter to express his concerns about the war between Binance and FTX – the two largest crypto exchanges in the crypto space.

“FTX-Binance conflict may hit the whole space”

He stated that if FTX Token (FTT) becomes the new LUNA, meaning that the latter hits the crypto market so hard that Bitcoin and altcoins plunged, there would not be a single player in the space who would be able to benefit from it, including Binance.

Customers and, what is most important, the regulators, would lose confidence in crypto, Star Xu stressed in his tweet. He believes the only way out of this is to get CZ to stop selling the FTT bags of Binance and strike a new deal with FTX co-founder Sam Bankman Fried.


Binance inflow coming from FTX

Crypto blogger Colin Wu noticed that, at the moment, roughly 20% of Binance’s inflow has been coming from FTX over the past week. This is equal to $1.17 billion.

When a similar situation happened to the Chinese giant, Huobi, in Nov. 11, nearly 19,000 Bitcoins went from that exchange to the Binance behemoth.

As for FTX, as covered by U.Today, it has limited withdrawals for customers to the equivalent of $1,000. Prior to that, an anonymous whale withdrew over 1 trillion Shiba Inu tokens from it in just three transactions.


Source link

Related posts

What Is Downside of This Collaboration?

Mystery Debtor Who Owes Celsius $439 Million Has Been Revealed

Peter Brandt Says He Won’t Short ADA as Price Reaches Critical Juncture

Cardano’s Vasil Hard Fork Enters Final Stage

Ankr Confirms Its Exploit Was Inside Job, Shares Recovery Plan

Troubled Crypto Lending Firms Investigated by Securities Regulators from Texas and Alabama