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Binance boss Changpeng ‘CZ’ Zhao becomes one of the last to attend the 2022 crypto summit, picking up some notable wins in a year filled with ugly collapses and plummeting cryptocurrency prices I got
2022 saw the collapse of several crypto companies, none more spectacular than the collapse of FTX in less than a week, but CZ appears to have emerged as the savior of the industry, and cryptocurrencies will continue to prosper in the long run. jumped to bail out struggling companies to prove they had the momentum to succeed.
Increased Power after FTX Fallout
Changpeng Zhao secures top spot at crypto summit by catalyzing the downfall of rival crypto exchange FTX.Former boss Sam Bankman-Fried now faces fraud charges in the US
Alameda Research, a cryptocurrency hedge fund closely related to FTX, has a majority of its assets made up of FTX’s relatively illiquid FTT tokens, a dismal financial report has revealed.
CZ later tweeted that it would sell the FTT tokens it received from FTX after Binance ended its previous status as a shareholder of FTX. The announcement marked a turning point that ignited the FTX bank run and exposed serious financial misconduct at the exchange involving several executives, including Bankman-Fried.
The former FTX CEO faces two wire frauds and six conspiracies, including one related to money laundering and violations of political campaign funding policies. It has plummeted to the dollar, marking an epic fall from grace for someone Fortune magazine once speculated could be the next Warren Buffett.
Binance Maintains $1 Billion Withdrawals Following USDC FUD
Changpeng Zhao also proved that Binance can withstand massive withdrawals after the exchange processed over $1 billion about two weeks ago.
Concerned customers began withdrawing assets from Binance after CZ announced it would temporarily suspend USDC withdrawals until its US banking partners opened. A type of cryptocurrency that is pegged to fiat currency through an asset reserve. Clients withdrew $1.14 billion worth of crypto assets out of concern that exchanges were holding assets in a different format than what clients had deposited.
At that time, Zhao Changpeng called Withdrawal spikes are “business as usual” and we recommend that exchanges undergo regular stress tests to test their ability to handle large amounts of withdrawals.
Changpeng Zhao Steps Up Support for Struggling Crypto Firms
Nearly two weeks after the FTX demise, CZ and Binance also launched a $1 billion industry recovery fund to invest in crypto companies “that are facing severe short-term financial hardship through no fault of their own.” Did. According to Binance, the fund could grow to $2 billion.
Several prominent companies have funded the pool, including Jump Crypto, Aptos Labs, and the Animoca brand. These participants can invest unilaterally or co-invest in struggling companies. A recovery fund could set the stage for cryptocurrencies to self-regulate if they remain sufficiently decentralized.
Controversial Reservation Appointment Report
When FTX collapsed, CZ called for greater transparency surrounding crypto assets on the exchange.
He then approved one of the first Merkle proof-of-reserve audits to prove that Binance holds customer assets one-for-one and does not lend out customer funds like traditional banks do. has caught up with several competing exchanges.While the initial report covered BTC-related holdings, Binance said it would add more assets in the future.CZ too Heads up To include debt in future audits that reveals the health of Binance’s balance sheet.
Audit firm Mazars said the report was an “agreed procedure” rather than an audit, but it was an important step in setting an industry standard for transparency.
Binance Announces Ronaldo NFT Collection To Top BNB Chart
In keeping with the spirit of the 2022 FIFA World Cup, CZ recently celebrated Binance has launched an exclusive NFT collection celebrating the career of renowned football superstar Cristiano Ronaldo.
The collection consists of several computer-generated statues depicting Ronaldo’s football feats from his early career to the present day. Sales of super-rare and super-super-rare NFTs accounted for his highest 7-day transaction volume on his BNB chain in early November 2022.
Binance has countered declining interest in the NFT collection by promoting the Ronaldo collection through expensive TV ads that aired in 74 countries during the 2022 FIFA World Cup. Investment in cryptocurrency advertising has declined significantly since the beginning of the year due to falling cryptocurrency prices, with FTX, Coinbase and Crypto.com reaching millions during the annual NFL Super Bowl event. did.
Forbee[In]Click here for Crypto’s latest Bitcoin (BTC) analysis.
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