“Having that setback, short-term, it’s really painful for a lot of retail investors that’s on FTX … it’s devastating for the industry,” Zhao said And from a technology or product perspective, I think we have a superior product, they don’t have anything that we don’t have.” covers all the regions covers, and they have much lesser users than us. From the new users perspective, we have very high overlaps. “From a financial perspective, there’s a big hole. “The deal – which I can’t comment on the specifics – from our perspectives, didn’t make sense from a number front,” Zhao told the audience during the Bali conference. “A few other projects will be in a similar situation, I think it will take a couple of weeks for them to come out.”įTX won the bidding war to buy the assets of bankrupt crypto lender Voyager Digital for a reported US$1.4 billion in September, a deal that was subsequently called off. “With FTX going down, we’ll see cascading effects,” he told the audience, citing companies including BlockFi and Voyager Digital as the latest casualties of the FTX collapse. Speaking at the 4 th Indonesia Fintech Summit 2022 on November 11, 2022, CZ told the audience that the collapse of FTX, which was once among the world’s top five largest crypto exchanges, could create ripple effects throughout the entire industry, stating that the 2008 global financial crisis was “an accurate analogy” to the event. The fall of FTX last week will have “cascading effects” on the broader cryptocurrency industry with more companies possibly going belly up in the coming weeks, Changpeng Zhao (CZ), CEO and co-founder of Binance, warned during a recent industry event in Bali.
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