The FTX CEO, Sam Bankman-Fried, responded to the accusations leveled by Changpeng Zhao, the Binance CEO.
Due to its increased unpredictability, this conflict involving heads of cryptocurrency exchanges has harmed the global digital economy. Sam Bankman-Fried said on Twitter that a rival was trying to harm them by spreading untrue rumors. Bankman-Fried specifically called out Binance for disseminating misleading info.
FTX CEO Sam Bankman-Fried guarantees smooth withdrawals and deposits. The decision to withdraw traders’ Bitcoin (BTC) holdings presented certain challenges. Nevertheless, FTX showed that the matched engine is flawlessly operating.
The CEO has confirmed that FTX and all of its assets are in good condition. Bankman-Fried said that there are sufficient funds in the exchange to finance all of the assets of the user. The business does not really make any investments in customer-owned treasuries or other assets. All withdrawals will still be processed in this way.
He claimed that the Bitcoin (BTC) market is closely monitored, despite the fact that this lengthens the process. FTX has over $1 billion in excess cash and GAAP audits. Sam Bankman-Fried verified their track record of protecting customer assets to make sure it is solid. He did, though, dial the number of CZ Binance to cooperate for the industry.
FTX appears to be having more issues as a result of Binance’s decision to liquidate its holdings in FTT, as per reports. As shown by figures, the quantity of Ethereum (ETH) holdings on the crypto market might have reached a record low. Over the past couple of days, Ethereum (ETH) reserves have decreased by 300,000 where at the moment, it has 108,246.43. Reportedly, among the largest dips since November 2020 has been noted in recent developments.