The post “Everyone Saying Binance Is Invincible Probably Said The Same About FTX,” States Avorak Team appeared first on Coinpedia Fintech News
It’s no secret that the crypto market is highly volatile, and crashes can occur anytime. Whether it’s a stablecoin, a company, or an exchange, any entity within the crypto industry is bound to fail unexpectedly as regulators continue their crackdowns.
For instance, in late 2022, FTX, one of the biggest crypto exchanges, crashed, causing billions of losses to investors. The crash sent shockwaves across the industry, which had just suffered the loss of the Terra ecosystem the same year.
The failure of FTX was allegedly caused by the mismanagement of funds by the company’s executives, led by former CEO Sam Bankman-Fried, who was accused of fraud and mixing consumer funds. This debacle sent Bitcoin down to $17k as the bear market took over.
Recently, Binance, one of the world’s largest crypto exchanges, got into trouble with the US Secur
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