Tag: CEO

Binance CEO shares ‘two big lessons’ after FTX’s liquidity crunch

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Binance CEO Changpeng “CZ” Zhao has shared his take on “two big lessons” to be learned from the FTX saga, saying cryptocurrency firms shouldn’t use their own tokens as collateral and should also keep “large reserves.” In a Nov. 8 tweet, Zhao laid out two learnings after the significant “liquidity crunch” at FTX which has ultimately resulted in a non-binding letter of intent from Binance to acquire the struggling exchange. Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto…

FTX CEO Told Staff Crypto Exchange ‘Effectively Paused’ Withdrawals – Bitcoin News

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According to a report shared by an FTX staff member, prior to Binance announcing it would acquire the exchange, CEO Sam Bankman-Fried explained that in 72 hours FTX saw roughly $6 billion in withdrawals. Furthermore, the staff member’s account notes that withdrawals on the exchange FTX.com were “effectively paused.” Report Claims FTX CEO Said Exchange Saw $6 Billion in Withdrawals in 72 Hours, Crypto Markets Plummet Following the Acquisition News It’s been a crazy day in the world of crypto as Binance, the largest exchange in terms of digital currency…

FTX Token, BNB and Solana soar after Binance CEO inks potential deal to acquire FTX

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FTX Token (FTT) and Solana’s SOL (SOL) endured a tough weekend of trading that saw altcoins take double-digit losses in the 15%–30% range, but the tide turned as news broke that Binance could be in the process of acquiring FTX. On Nov. 8, FTX CEO Sam Bankman-Fried first took to Twitter to announce a liquidity-sharing partnership with Binance. Changpeng “CZ” Zhao, CEO of Binance, agreed to step in and provide liquidity to what was beginning to look like a bank run. Bankman-Fried billed the development as user-focused and benefiting the…

Binance CEO announces intent to acquire FTX to ‘help cover the liquidity crunch’

Following Binance CEO Changpeng Zhao’s announcement that the company would liquidate its position in FTX Token (FTT), FTX CEO Sam Bankman-Fried, also known as ‘SBF,’ took to social media seemingly in an effort to quell rumors of conflict between the major crypto exchanges. According to a Nov. 8 Twitter thread from Bankman-Fried, FTX has “come to an agreement on a strategic transaction” with Binance following attempts to clear out its withdrawal backlog. SBF said he had asked Binance to step in, aiming to “clear out liquidity crunches” and cover assets…

Binance CEO not interested in Alameda’s offer to buy up its FTT holdings

Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance, appears disinterested in Alameda Research’s offer to buy out the crypto exchange’s FTX Token (FTT) holdings. Zhao responded to a question on Nov. 7 on Twitter asking if he would take up the offer by Alameda Research CEO Caroline Ellison to buy Binance’s FTT holdings for $22 per token. Zhao said: “I think we will stay in the free market.” The offer from Ellison came after Zhao said Binance would be liquidating its FTT position due to “post-exit risk management” as part of “learning…

Binance Liquidates Its FTT as CEO Changpeng Zhao Says FTX Lobbying Against Rival Exchange

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Binance has announced it’s selling off all its FTX Token (FTT), as CEO Changpeng Zhao says FTX has been engaging in political efforts against Binance. In a Twitter thread, Zhao says that last year, Binance decided to sell its equity in FTX, receiving billions in stablecoins and the exchange’s native token FTT. Now, Zhao, who heads the largest crypto exchange in the world by volume, says Binance is getting rid of the assets received in the exit with “revelations” coming to light. “As part of Binance’s exit from FTX equity…

AAA gaming companies will look like peanuts as GameFi evolves: Skale CEO

GameFi’s constantly evolving model could make “today’s AAA game companies look like peanuts”, said Jack O’Holleran, CEO of Skale  a multichain Ethereum native network that powers Web3 games. In fact, blockchain-based games and metaverse projects are showing resilience amid a winter that has dragged down many players in the crypto industry, with $1.3 billion raised in the last quarter, as reported by DappRadar.  Finding a sustainable GameFi model, however, remains a challenge. User experience ranks amid the top struggles in the industry, mainly because of gas fees and the complexity of…

Crypto Exchange Binance Dumping All FTX Tokens on Its Books — CEO Cites ‘Recent Revelations’ – Altcoins Bitcoin News

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Binance is dumping all of its FTX token (FTT) holdings “Due to recent revelations that have come to light,” CEO Changpeng Zhao has confirmed. “Regarding any speculation as to whether this is a move against a competitor, it is not,” he added. “Our industry is in its nascency and every time a project publicly fails it hurts every user and every platform.” Binance Liquidating All FTX Tokens on Its Books The CEO of global cryptocurrency exchange Binance, Changpeng Zhao (CZ), announced via Twitter Sunday that his exchange is liquidating all…