Original author: @younks_zhao
Original source: Twitter
Note: The original text comes from @ younks_zhao's long tweet.
I can’t confirm the authenticity of several things about asset misappropriation revealed by the SEC today, but I believe that Binance will not have the FTX run problem for the following reasons:
one
FTX opened an exchange by itself and then participated in trading. This is a very serious problem. If you still have an impression, you should remember that before the FTX explosion, the large amount of short positions on FTX and Ethereum were forced to be liquidated. , At that time, I also tweeted for statistics. The original tweet address is as follows: https://twitter.com/younks_zhao/st atus /1586642083946713089…
At that time, SBF’s huge short position was liquidated, which led to a series of run problems. That is, SBF lost hundreds of millions of dollars in a wave of currency speculation. Eventually a run was triggered.
two
FTX is a completely American-funded exchange. At that time, a large number of KOLs swore that FTX was professional and safe, because it was endorsed by the United States. Even after FTX was bombed at that time, many people still stood on FTX. Later, even FTX really couldn’t withdraw cash. , These people are still advocating FTX, and incidentally hate Binance, because they feel that Binance is the biggest responsibility for the explosion of FTX.
These brainless people who trust FTX have one characteristic: they are the brainless Black Continent. As long as the product is made by the Chinese, they will look down on it. As long as the product is made by a foreigner, even if it is difficult to use, they will say that "Professional"; so if there is a problem with user assets in Binance, then Binance will not survive for a long time after the FTX explosion, because under the FUD of various "haters", if there is a problem with Binance, it will not be able to survive of.
three
In disclosing several issues of Binance, the SEC pointed out that Binance did not comply with relevant laws to handle transactions and assets, but did not mention or imply that Binance has encountered any problems with its current capital flow, which is completely different from the FUD of FTX back then. different.
at last
When FTX exploded, I persuaded people around me to withdraw cash from FTX. At that time, many people refused to listen to me and even started arguing with me. Many KOLs in the Chinese circle also brag that FTX is a Wall Street platform, investment, etc.
But based on what I have seen now, I think that Binance will not have a run-on problem. I personally fully support Binance and oppose the SEC's "ulterior motives" accusation.
