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Just to put this in perspective, FTX was at the crunch time in serious negotiations to get enough liquidity to effectively hide the 8B$ hole they had. The fact
by isitmadeofglass 4y ago
Just to put this in perspective, FTX was at the crunch time in serious negotiations to get enough liquidity to effectively hide the 8B$ hole they had.
The fact that Binance can handle this outflow which is small compared to their total holding proves nothing. Know what would prove something? An audit. But obviously that can’t do that, as it would expose them.
- LatteLazy 4y agoFTX stole 8bn. But it only took (I believe) 1.5bn in outflows before they had to suspend withdrawals. Nothing is guaranteed with Binance, but we know they already were at least 2x (ish) better capitalised than FTX were...
- isitmadeofglass 4y agoBinance liquidity displayed is still less than they extracted from FTX before they crashed. They took 2.5B just in payout from SBF. Binance could have literally have had 0$ in backing before this and still managed the current situation. So again, nothing that is currently public, nothing at all, would suggest that Binance is any different from the FTX scam. They could very easily do an audit if it’s not a scam, but they didn’t they hired a company who refused to do anything more than sign a document saying “using the process Binance prescribed, we saw this number which Binance told us we would see”. There are so many red flags that its difficult how anyone could not be entirely convinced that it’s just another scam. But this is crypto so maybe they’ll keep it going for another half a decade before it implodes.