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After the FTX case, the crypto market is in real turmoil and this week’s news also confirms it!
That was the quiet before the storm: also BlockFi is filing for Bankruptcy. FTX crash has doomed the market for this period and we have now to deal with it.
https://en.cryptonomist.ch/2022/11/11/binance-raises-safu-1-billion/
With the Proof of Reserves Binance played the check mate to many other exchanges. After FTX default, a lot of users, onboarded to Binance and the rest of the Exchanges was quite forced to make its Proof of Reserves. If they did not do it, they would become suspicious. By doing it, the let Binance know how deep their pockets are to eventually play again a similar trick, like what happened with the FUD against FTX that made it collapse.
https://en.cryptonomist.ch/2022/11/11/tether-suffers-collpase-fty/
Tether has wavered after FTX default but managed to recover its peg with the dollar. Tether has proven lately to have some deep reserves to allow itself being called stable-coin. So for the moment, USDT and BUSD seem to be the most stable and reliable stable-coins into the market. Even if widely centralized.
Is Crypto.com the next Exchange to go bankrupt? Or it will be Gate.io? In this last article I wrote a few days ago I am pointing our singular coincidences that happened close to the Proof of Reserves of Gate.io
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