Binance isn't FTX: one was a fraud with no money, the other can absorb a $6B hack "It's driving me nuts because I'm seeing false equivalencies with FTX. If you wanna compare…
Original source excerpt
Binance isn't FTX: one was a fraud with no money, the other can absorb a $6B hack "It's driving me nuts because I'm seeing false equivalencies with FTX. If you wanna compare similarities, they both h…
Binance isn't FTX: one was a fraud with no money, the other can absorb a $6B hack "It's driving me nuts because I'm seeing false equivalencies with FTX. If you wanna compare similarities, they both had massive withdrawal flights. I think it was six, seven billion for FTX." "But that's where the similarities really end. Because FTX was a fraud that had no money, and Binance is a successful company with a massive balance sheet that has the money." "Part of this obviously is coming from their SAFU fund, which still is the most laughable name in customer protection. But the rest is coming from Binance themselves." "They could have covered a hack probably many multiples larger than this if they had to." "When people immediately see that you're going to make them whole no matter what happens, they're going to continue to have confidence in the exchange."
AI context is not available for this statement. The original source can be read independently.