After the FTX platform was declared bankrupt, the big names in cryptocurrency offered their best intentions to ensure the stability of the badly shaken system.
The cryptocurrency sector, in the grip of a An unprecedented crisis of confidencedoing his best to reassure their customers Regulators are concerned about the health of the market. Speaking this Monday at B20 (the business summit on the sidelines of the G-20 that begins on Tuesday) in Bali, Indonesia, Changpeng Zhao, CEO of Binancethe world’s leading cryptocurrency exchange, said its industry “Need some regulations“and to be this”stable“.
“I think the industry has a collective role to play to protect consumers and protect everyone.”
“we are in new industryAnd we saw that last week Things get crazy In this industry, ”he explained in light of the events that have shaken his industry in recent days, in particular the collapse of the FTX platform, whose customers are now Unable to get their money back.
“I think that The sector has a collective role to play To protect consumers and protect everyone. So it’s not just regulators.. Regulators have a role to play, but it is not 100% their responsibility.”
The encryption system was particularly shook Those last weeks. Last Friday, announced FTX bankruptcywhich was once the third largest platform in the world, was The last nail in the coffin This company is in turmoil after the press revealed information about it The balance sheet is questionable.
He also delivered a new news Catch cold Over all cryptocurrency players, the new information, revealed this weekend, has amplified them on “Unauthorized Transactions” On the FTX platform, at the discretion of specialist consultants between 473 and 659 million dollars. Therefore, the company announced that it would accelerate the transfer of assets to cold storage (offline) in order to “mitigate harm” caused by these unauthorized transactions.
Within a week, the FTX implosion and its aftermath occurred Decrease in the price of digital currencies to levels not seen in years. The bitcoin That’s how I fell 20% In a few days, and fall $16,700the lowest in nearly two years, with other cryptocurrencies following in its wake.
Avoid a generalized crisis
whether The charismatic head of Binance try now Show the good faith of his sectorOther crypto giants have also entered this race against the clock Avoid the cascading collapse of their business. This is, in fact, frightening in all respects, and the most disturbing so far is a male The possibility of a crisis like that of 2008which makes the similarity between FTX and Bank Lehman Brothersthe origin of the latter.
“We will continue to operate as we have always done. We will continue to be a safe and secure place where everyone has access to cryptocurrency.”
Among those who want to be reassured, Chris Marsalekon head Crypto.coma major player in the industry defend His company’s model in the face of the criticism that swept Twitter, made a niche for discussion in the cryptosphere. In particular, he highlighted the fact that his platform has always had 70 million customers Keep the necessary reservesand that a Audit About it will be posted soon, while false transfer of 400 million dollars In the form of ethers recently leaked in the press.
“Which He had to do something With FTX Follies,” Crypto.com CEO explained, regretting A 2 years in the trust towards cryptocurrency players. “We go Prove to them that they have Wrong – wronged – wrongedwith our actions. We will continue to work as we have always done. We will continue to be The safe and secure place where everyone can access cryptocurrencyHe said, defending his company, just as the leaders of Coinbase, ranked number two in the world, did on Friday as well.
A gallery that is hard to hide
Other platforms, however, have posted a file Less reassuringHe must realize that they were open For the giant FTX company. This is especially the case AAXa relatively young player, but decided to suspend deposit withdrawals from its clients 7-10 days at leastNow that the money isSalim“.
For its part, Binance indicated pause FTX’s internal cryptocurrency deposits, and FTTin order to protect its users. He now introduces himself as sector savior, Changpeng Zhao also announced, on Twitter, the creation of Binance “recovery fund” For the cryptocurrency industry, with the aim of ensuring the liquidity of the platforms that are in difficulty, but “solid”.
Cryptologist, who made decentralization Her strong point, she seems to be getting more and more drawn to around her binance, is now a major player in this market. If his boss announced it loud and clear on Twitter Cryptocurrency is not going away.an “out of order” utopia, seems indeed to be a vision from the past.