THIS ENTIRE POST IS SPECULATION
Binance dumped FTT on the open market Because FTX was mishandling funds, it couldn't handle withdrawals and eventually filed for bankruptcy
Ftx investors claim that a majority of cash was used to buy back 20% stock that binance owns The pressure is gradually increasing on binance. They are now facing higher withdrawals than ever. CZ claims that the assets are 1:1 backed (they have exactly as much crypto in hand as the sum of users holdings). However, he has not made any records public yet and we have no choice but to believe CZ. Now here is the problem, there is speculation that Congress may ask binance to pay the 2B back to FTX investors.
Even if the assets are 1:1 backed, the 2B may be enough to throw binance out of business. What do you guys think about the future of binance and CEXs in general?
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