OKX Founder Speaks Out For Mediation Between Binance And FTX’s War
In the midst of the alarming situation of FTX after Binance announced that it wanted to withdraw its investment and sell all of FTT, the founder of OKX voiced his hope that Binance could think about the decision to sell FTT for “the big picture”.
The tension between Binnace and FTX is reaching a climax as the price of FTT falls to the bottom. The price of the FTX token dropped from above $25 to $16.81 in just 2 days.
While the whole market is in panic, the founder of OKX has voiced “reconciliation” and hopes CZ can think about stopping selling FTT and making a new deal with SBF.
Realizing that if the FTT sell-off continues, it is very likely that the FTX token will become another version of LUNA. At that time, no one in the industry could benefit from the crash including Binance. Both customers and regulators will lose confidence in the industry as a whole.
As mentioned in previous Coincu News articles, the chaos started when 23 million tokens, or $580 million, were moved to the Binance market which may have succesfully in a significant FTT sell-off by investors at the end of November 5.
After that, the CEO of Binance CZ also confirmed to sell all FTT and implicitly accused FTX of “playing bad” behind Binance.
Since that time, the liquidity of the SBF-owned Exchange has witnessed massive withdrawals from customers. Although SBF always insists that the liquidity status of the exchange is not hindered when they still have more than 1 billion in cash to meet all the needs of customers, the exchange’s act of exchanging assets prove the opposite.
Will CZ accept to make an agreement with SBF to save this situation?
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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OKX Founder Speaks Out For Mediation Between Binance And FTX’s War
In the midst of the alarming situation of FTX after Binance announced that it wanted to withdraw its investment and sell all of FTT, the founder of OKX voiced his hope that Binance could think about the decision to sell FTT for “the big picture”.
The tension between Binnace and FTX is reaching a climax as the price of FTT falls to the bottom. The price of the FTX token dropped from above $25 to $16.81 in just 2 days.
While the whole market is in panic, the founder of OKX has voiced “reconciliation” and hopes CZ can think about stopping selling FTT and making a new deal with SBF.
Realizing that if the FTT sell-off continues, it is very likely that the FTX token will become another version of LUNA. At that time, no one in the industry could benefit from the crash including Binance. Both customers and regulators will lose confidence in the industry as a whole.
As mentioned in previous Coincu News articles, the chaos started when 23 million tokens, or $580 million, were moved to the Binance market which may have succesfully in a significant FTT sell-off by investors at the end of November 5.
After that, the CEO of Binance CZ also confirmed to sell all FTT and implicitly accused FTX of “playing bad” behind Binance.
Since that time, the liquidity of the SBF-owned Exchange has witnessed massive withdrawals from customers. Although SBF always insists that the liquidity status of the exchange is not hindered when they still have more than 1 billion in cash to meet all the needs of customers, the exchange’s act of exchanging assets prove the opposite.
Will CZ accept to make an agreement with SBF to save this situation?
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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