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How much of Binance's $500-million worth of FTT did they manage to salvage before FTT / FTX went bankrupt? We already know that Binance had at least one giant p
by dragontamer 4y ago
How much of Binance's $500-million worth of FTT did they manage to salvage before FTT / FTX went bankrupt? We already know that Binance had at least one giant pile of FTT, as they tweeted about this before FTX / FTT troubles started to go down.
In some sense, it has already reached Binance. The real question is whether or not Binance has enough funds to weather that kind of storm.
- bushbaba 4y agoDepends on the cost basis. When FTT was created Binance could have received 500MM worth of tokens for providing say 10MM of UST. Such is common for early token sales to gain support of large players to convince commoners to pump the token.
- vkou 4y agoI doubt anyone at Binance would lose any sleep over a 500 million hole in their balance sheet. (Because I believe that Tether is, was, and will be significantly undercapitalized.) The only thing that can unravel Binance and Tether is a big enough bank run.
- ChrisClark 4y agoWhat does Tether have to do with Binance? Are you thinking Bitfinex?
- fshbbdssbbgdd 4y agoThe FTT is one thing. Another question is whether Binance is levered in a way that can cause insolvency when the value of its assets drops (many cryptos have been dropping in value). CZ says no, but SBF said the same.