Many analysts admit it: The fall of FTX in particular results from the rivalry between the big names in the cryptocurrency market. We are obviously referring to Binance. Even today, its CEO, Changpeng Zhao (alias CZ), seems to want to pave the way again by attacking one of its competitors. The latter posted a tweet that quickly shook the cryptocurrency community.
This encrypted work in a nutshell
It all started when Changpeng Zhao bounced article Featured on Yahoo Finance. This post outlines: “Coinbase holds 635,000 BTC on behalf of Grayscale.” according to Binance CEOCoinbase had less than 600,000 bitcoins 4 months ago. Of course, he added that he was only quoting simple articles.
In response to this tweet (which Changpeng Zhao hastened to delete), Brian Armstrong clarified that Coinbase’s finances are public. on him tweetHe even adds a link to a Coinbase Q3 contributor speech. To include the CEO of Binance, Brian Armstrong stated that Coinbase holds around 2 million BTC.
Transparency or bad faith?
The cryptocurrency community remains deeply divided over Changpeng Zhao’s “problematic” tweet. Some praise his increased willingness to protect Cryptocurrency industry. Others (not to mention the majority) point to his approach. Such is the case of Will Clemente, co-founder of Reflexivity Research.
in tweet“I understand the argument that he is trying to protect the industry, but CZ is more than smart enough to know that exchange and custodian wallets are separate,” he says. An opinion endorsed by Bob Lucas, crypto investor, via another post. tweet.
As the cryptocurrency market tries to curry favor with the general public and relevant authorities, recent disputes and scandals do little to help the task. We will learn at least two things from this little spat between Binance and Coinbase. The first: always rely on reliable sources. Two: Crypto is still a very volatile market.
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My name is Ariella and I am 31 years old. I have been working in web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But this universe interests me a lot. And the topics covered within the platform allow me to learn more. As a singer in my spare time, I also cultivate a great passion for music and reading (and animals!