Oryen Network Secures All User Funds On Chain Unlike Many CEXs, FTX Declares Bankruptcy Due To Insolvency

With its constant 90% annual percentage yield and 0.177% daily return on investment for holders, Oryen ($ORY) has been experiencing a rapid price increase. Not long after crypto whales like Jim Crypto reviewed Oryen Network, the cryptocurrency gained the interest of many retail buyers and investors. However, let’s delve into the recent downturn at FTX and how Oryen Network is working towards preventing such incidents.

FTX declares Bankruptcy

The world’s second-largest exchange, FTX, recently filed for bankruptcy in line with Chapter 11 bankruptcy protection. This implies that any entity (individuals or company) that invests with them can apply for repayment once they show evidence that the company owes them. But what exactly went wrong?

Among other factors, a report showing potential leverage and solvency concerns involving trading firm Alameda Research released by CoinDesk in early November fueled the collapse of FTX. It can also be blamed on the backing out of the exchange’s rival, Binance, on a deal to purchase it.

On the 11th of November 2022, the company filed for bankruptcy, and they lost hundreds of millions worth of tokens to theft.

Oryen Network offers financial security to holder’s fund

When an exchange or platform experiences a downfall, the ripple effect spreads across several stakeholders. Some stakeholders include retail traders, investors, competitors, and the company’s shareholders. While this might be a good thing for competitors, it is a very bad situation for the rest of the parties.

As explained above, FTX collapsed due to an upsurge in customer withdrawals. The founder, SFB, reported that the available assets are insufficient to meet the customers’ demand.

Since volatility is the main issue in the crypto market, Oryen Network is supported by a Risk-Free Value (RFV) wallet that supports the price of Oryen token ($ORY) during periods of volatility. It is a self-balancing technique that establishes a consistent return over time.

Conclusion

Not only did FTX collapse, but it also dragged the CEO along with it. The 30-year-old Sam Bankman-Fried’s net worth of $16 billion has plunged to near zero. It was a sad incident in the history of cryptocurrency and exchanges.

To prevent a similar situation, Oryen Network ensures that its 90% APY is supported by a Risk-Free Value (RFV) wallet, which neutralizes the market effect in times of volatility.

Find out more here:

Join Presale: https://presale.oryennetwork.io/register

Website: https://oryennetwork.io/

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