Be careful if you are a crypto investor, there’s a lot happening at the largest crypto exchange, Binance (1/n)
(a) Last year FTX bought back Binances stake in FTX & paid Binance $2.1B. Now that FTX is shut, there are rumors doing rounds that the bankruptcy court might ask Binance to pay back the $2.1B to the victims of FTX (2/n)
(b) The $2.1B was paid in FTT coins which are now worthless after the FTX collapse
(c) Billions of $’s of redemptions happening on Binance (3/n)
(c) Billions of $’s of redemptions happening on Binance (3/n)
(d) Is Binance financially stable?
- Mazars group which is the current auditor of Binance had sometime back released the proof of reserves to support Binance's financial stability which Mazars has deleted from its website + Mazars is also pausing to be an auditor with Binance
- Mazars group which is the current auditor of Binance had sometime back released the proof of reserves to support Binance's financial stability which Mazars has deleted from its website + Mazars is also pausing to be an auditor with Binance
- Binance has not submitted a proof of liabilities claiming not everything is revealed in an audit
- Binance is not able to share a full audited report with the market & claims that Big4 are not willing to work with them where as Deloitte works with Coin Base (5/n)
- Binance is not able to share a full audited report with the market & claims that Big4 are not willing to work with them where as Deloitte works with Coin Base (5/n)
The above does not give a lot of confidence as a crypto investor, do keep yourself updated.
Read a lot of the above on @unusual_whales
(6/6)
Read a lot of the above on @unusual_whales
(6/6)
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