Do You Have Any Exposure To FTX?

Things happen that you never thought of before. FTX seemed pretty safe and secure. Now people are asking questions like do you have any exposure to FTX? Big boys denied that they don't have any exposure to FTX and their platform is safe and secure.

When you hear crypto exchanges are not safe for holding your crypto, you think that's the biggest exchange, so what could go wrong? In spite of getting assurance from the CEO that everything's "fine". Is that fine?

Or, will you interpret it like when your girlfriend says everything's fine? You have a pretty good idea that things are going in the other direction. It's hard to believe what just happened. FTX CEO Sam Bankman-Fried or SBF is considered the next Warren Buffett. He has a lot of friends in Wall Street and Washington DC.

News spread from CZ and there is a panic in the market. People started withdrawing funds from FTX. It's a bank run, and if you don't run with your fund, you lose. FTX stopped processing the withdrawal request. Everything's fine moved in the opposite direction.

So is CZ, CEO of Binance, going to save the day? There is a hope that customers will get the funds that they have on FTX. If you become successful in withdrawing your crypto from FTX on time, good for you. When there is a 1% chance of moving things in the opposite direction, it may happen in crypto.

No, Binance is not going to pursue the potential acquisition of FTX. The situation gets worse. What happens to the customers' funds? Will they get their crypto back? How long will it take to get to a solution? How would it impact the whole crypto market?

There are lots of questions. Is the CEO of FTX going to file for bankruptcy?

We are in a bear market and it looks like things get tougher day by day. So what happens next? Let's see.

Thank you for reading this post. So what do you think? Please feel free to leave your comments. That's it for now. I'll be back with another post.

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