FTX SBF Slams Binance For Spreading False Rumors

Sam Bankman-Fried (SBF), CEO of FTX has come forward to clear the air over the allegations spread by the CZ, Binance. However, due to this clash between the crypto exchange chiefs the global digital market has suffered due to uncertainty.

FTX slams Binance’s CZ

Taking to Twitter, SBF highlighted that a competitor is trying to go after us with false rumors. SBF directly targeted Binance for spreading invalid information.

Coingape reported that FTX SBF ensures that deposits and withdrawals are working fine. Traders were facing certain difficulties in withdrawing their Bitcoin holdings. However, FTX revealed the matching engine is working smoothly.

SBF informed that FTX is fine and all the assets are fine. He added that the exchange has enough to cover all the client’s holdings. The organization doesn’t invest in client assets which also include treasuries. They will be processing all withdrawals and will continue to do that.

He mentioned that the crypto exchange is heavily regulated even when it slows down the process. FTX has GAAP audits with more than $1 billion in excess cash. SBF ensured that they have a long history of safeguarding client assets. However, he called Binance’s CZ to work together for the ecosystem.

FTT’s ETH reserves drops

As per reports, Seems like problems for FTX are piling up as Binance decided to liquidate its FTT token holdings. Data suggests that Ethereum reserves on the crypto exchange have dropped to a new low.

ETH reserves have fallen by 300k over the past two days. It now holds 108,246.43. It is considered as one of the massive falls since November 2020.

On the market side, FTX token price is down by 4% over the past 24 hours. It is trading at an average price of $22.44, at the press time. Its 24 hour trading volume is up by 182% to stand at $773.6 million.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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