The boss of Binance stands for an incredible process in the crypto industry.
(Photo: Reuters)
Imagine the following situation: Jamie Dimon, head of the US bank JP Morgan, writes on Twitter that he is concerned about the stability of Bank of America. As a result, customers withdraw their money, the share collapses – and JP Morgan takes over the competitor. This will never happen in the regulated financial world, but it is possible in the crypto world.
This is what happened this week: Changpeng Zhao, head of the world’s largest crypto exchange Binance, wrote on Twitter that Binance would completely sell its FTT holdings of around 530 million dollars on the second largest crypto exchange FTX. Finally, one learned from the collapse of the crypto platform Terra and its coin Luna.
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