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Chanpen Zhao warned of a “cascading” crisis in the crypto industry

Posted on January 11, 2023

Chanpen Zhao warned of a “cascading” crisis in the crypto industry

The current situation in the cryptocurrency industry is echoing with the financial crisis of 2008, and in the coming weeks even more companies may crash. This opinion was expressed by CEO Binance Chanpeng Zhao, writes Financial Times.

At the conference in Indonesia, he suggested that the market has yet to feel the consequences of the crisis of the FTX crypto -rope and the associated Alameda Research.

“With a ftx fall, we will see cascading effects. Those who are close to the ecosystem are especially affected, ”Zhao noted.

A similar thought was expressed by journalist Colin Wu after FTX Group has filed an application for insolvency. According to him, projects and tokens in which the Exchange of Sam Bankman-Frid and Alameda Research were invested under the threat.

As ftx and alameda Begin Bankrupy and Reorganization in Accordance with Chapter 11, The Companies and Tokens There in Are Also of Being Liquidededed. WE HAVE Counted the Companies that FTX and ALAMEDA HAVE INvested in the FAR: https: // t.CO/IVKDKLDDSI Pic.Twitter.COM/Tigerilhqb

– Wu Blockchain (@wublockchain) November 11, 2022

Despite the pessimistic forecast, the head of Binance expressed confidence that the industry will ultimately restore.

On November 6, Zhao announced the company’s desire to get rid of the ftx FTX Utility Token. Assets with Busd in a total of ~ $ 2.1 billion steel by the company’s output from portfolio investment in the platform.

On November 8, Bankman-Fried and Zhao announced strategic partnership, but on November 10 https://gagarin.news/, Binance refused to absorb ftx. The company said that they could not solve the problems that have arisen at the exchange.

Industry participants hastened to distance themselves from Sam Bankman-Frida and Alameda Research. One of the FTX investors, the venture company Sequoia Capital, recognized the investment in the amount of $ 213.5 million irrevocable.

According to media reports, American regulators have begun studying FTX ties with a unit in the United States and Alameda Research. The Ministry of Justice also became interested in the activity of the platform.

Recall, on November 9, co -founder and Ceo Circle Jeremy Allaire compared FTX problems with the Lehman Brothers Investbank collapse, which became the 2008 crisis catalyst.

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