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News

Genesis, Crypto.com, And Tether Claim No Exposure To The FTX Crisis

November 9, 2022 - Around 2 mins mins to read
The recent FTX event has had serious consequences for the entire crypto market, with major industry players also quick to confirm their involvement. Genesis, Crypto.com, And Tether are the newest names on this list.
Genesis, Crypto.com, And Tether Claim No Exposure To The FTX Crisis

Genesis tweeted from its official account, and in this line, there is no mention of FTX.

Crypto.com CEO Kris Marszalek also announced limited exposure to Sam Bankman-Fried’s exchange:

After FTX was compelled to sell assets to competitor Binance, Tether CTO Paolo Ardoino stated that the stablecoin issuer had no exposure to the exchange or Alameda Research.

He rejected a claim made in a tweet by crypto writer Colin Wu that Circle, the company behind the USDC stablecoin, and Tether ought to reveal their financial ties to these 2 companies.

Jeremy Allaire, co-founder and CEO of Circle, had early said USDC is not affected by the crisis.

It can be seen that the widespread crisis has made crypto companies wary, even the big Binance has strengthened the trust of users with its insurance fund. Changpeng Zhao, who “helped” FTX, also asked exchanges to clarify proof-of-reverse to avoid the same thing happening as FTX.

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

Harold

CoinCu News

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Crypto.com

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Genesis, Crypto.com, And Tether Claim No Exposure To The FTX Crisis

The recent FTX event has had serious consequences for the entire crypto market, with major industry players also quick to confirm their involvement. Genesis, Crypto.com, And Tether are the newest names on this list.
Genesis, Crypto.com, And Tether Claim No Exposure To The FTX Crisis

Genesis tweeted from its official account, and in this line, there is no mention of FTX.

Crypto.com CEO Kris Marszalek also announced limited exposure to Sam Bankman-Fried’s exchange:

After FTX was compelled to sell assets to competitor Binance, Tether CTO Paolo Ardoino stated that the stablecoin issuer had no exposure to the exchange or Alameda Research.

He rejected a claim made in a tweet by crypto writer Colin Wu that Circle, the company behind the USDC stablecoin, and Tether ought to reveal their financial ties to these 2 companies.

Jeremy Allaire, co-founder and CEO of Circle, had early said USDC is not affected by the crisis.

It can be seen that the widespread crisis has made crypto companies wary, even the big Binance has strengthened the trust of users with its insurance fund. Changpeng Zhao, who “helped” FTX, also asked exchanges to clarify proof-of-reverse to avoid the same thing happening as FTX.

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

Harold

CoinCu News

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