The crypto world is still feeling the aftershocks of the FTX saga over a month after the exchange collapsed. Binance, the world’s largest exchange, has not been left out, with FUD at an all-time high. Insolvency is now a real fear in crypto since some prominent organizations had ties with FTX. Investors also have a low level of trust in exchanges, sparking massive withdrawals that also affected Binance.
Despite the best effort of Changpeng Zhao, CEO of Binance, to allay these fears, some crypto enthusiasts hold contrary opinions. After the arrest of Sam Bankman-Fried, former CEO of FTX, most people had hoped that the saga was nearing its end. However, Scott Minerd, CIO of Guggenheim Partners, stated that more negative effects would occur.
Trouble Ahead Following FTX Collapse
Minerd believes that FTX’s demise will create a ripple effect of hurt for crypto organizations and investors. However, he also stated that the market crash could be beneficial since it would snuff out worthless
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