According to crypto experts, if these 2 Bitcoin platforms crash, it will create bigger problems than FTX. The head of the technology firm behind the Avalanche ecosystem (AVAX) spoke. The president says that the collapse of a major Bitcoin company will have more serious consequences than the FTX crisis.
According to the head of Ava Labs, if this Bitcoin platform crashes, the result will be terrible!
In a recent interview, Ava Labs president John Wu states that Genesis Global Capital may be in a possible collapse. He also says that a bankruptcy situation poses a greater risk in the cryptocurrency markets than FTX:
On the couch, I actually think Genesis is a bigger problem than FTX in terms of crypto equity markets.
In addition, Chairman Wu specifically says:
Genesis was the biggest lender out there. They gave unsecured as well as secured lending. There really isn’t anyone else that provides this process. Without them in the markets, all the people in the value chain, all the companies like market makers who need to borrow money to make the market, you will find that liquidity is withdrawn from the markets, the margins are widening and there are no investors. You want to be inside and you have a vicious circle. Hence, Genesis is a very important part of the crypto equity markets.
This Bitcoin exchange is also in crisis
cryptocoin.com As we reported; With the start of November, we witnessed bankruptcies in the cryptocurrency markets. Following the FTX crisis, Genesis stated that it suffered from the bankruptcy of both FTX and Three Arrows Capital (3AC). As a result, it published the report that it stopped withdrawals due to liquidity problems. Last week, it was revealed that Genesis had requested $1 billion in emergency loans from investors.
Bitcoin critic Nouriel Roubini said that Binance is no different from FTX. In addition, Roubibi specifically states that it is a much more complex situation. Professor of economics at New York University has made correct predictions many times. In particular, the professor correctly predicted the financial crisis of 2008 and 2009 and said, “Dr. It is known as “Doom”.
Nouriel Roubini blasts leading cryptocurrency exchange Binance
Economics professor Roubini states that he has put Binance under scrutiny. Roubini previously targeted the exchange’s CEO, CZ. Roubini said that Bitcoin’s altcoin, BNB, is as mysterious as FTT. He also states that altcoin is a dangerous investment. Dr. Doom states that 87 percent of BNB is found from a single wallet address. He also questions who is in control.
Nouriel Roubini said that he does not believe in the recently introduced Proof of Reserve system by Binance, which allows exchanges to display their reserves in a transparent manner. The economics professor thinks it’s a gimmick. Dr. It looks like Doom will continue to target the cryptocurrency industry.
According to Nouriel Roubini, the cryptocurrency industry has victimized more than 100 million people. It is nothing more than a case of “corrupt gambling” which ultimately resulted in them losing their money.
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