CEX Meltdown is hurting the Market ❓
In couple of weeks, there have been series of fears,doubts and uncertainties towards Centralized exchanges in the cryptocurrency space.
The sudden collapse of FTX brought a lot of debates, controversies,discrepancies and warnings from all the crypto traders and investors all over the world.
There was too much drama as a result of FTX Meltdown in which crypto lovers started to anticipate the next Cex to fall.
Unfortunately, there was a short Fud towards Crypto.com and it governed token saw a dump of over 50% within 24hrs. There was a report that they may follow the route of FTX Meltdown but there CEO immediately addressed the issue and assured the public “We are fine”.
Regardless, Binance Published it Proof of Reserves to the public which made other CEX to follow the suite, Crypto.com also published it reserve where shiba inu took almost 20% of the Reserve with $558M worth of shiba inu token greater than the worth of $ETH sitting down in the reserve. This alpha raise alarm and concern about why they got Bigger bag of meme token than Ethereum and also why they spend a lot of money on advertisements and sponsorships with the likes of UFC, PSG among other notable companies.
Interesting, as CZ announced a plan to create an institution to be in charge of rescuing Cex in time of trouble like this.
He also urged people to make use of DEX like Trust wallet which stylishly pumped the price of $TWT from $1.03 to $2.50 🤩
It’s worthy to know that currently, there is a rumors of another CEX is facing insolvency issue and considering filling for bankruptcy 💀 , the CEX name is BlockFI, a crypto exchange that focuses on loans and banking services while Genesis, another crypto lending units also reportedly halt withdrawals.
As a matter of fact, one has to be very careful in dealing with any CEX and preferably have a ledger to store your assets.
After all, I believe crypto reputation rebuild will take time but we will be cool after the rebuild.
#WiNNit #Cryptocurrency #FTX #Bitcoin