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The CEO of Binance confirmed that the announcement of FTX's acquisition was not pre-planned and that he was unaware of the company's internal state.
Galaxy Digital becomes the latest major player in the crypto space to reveal a significant exposure to the failing FTX.
The Ontario Teachers' Pension Plan invested in FTX in January this year as part of a $400 million funding round. The potential losses the fund could face are still unknown.
Brian Armstrong made a strong statement claiming FTX took part in "conflicts of interest between deeply intertwined entities"
The earnings call for Marathon Digital revealed a strong foundation for the coming as it looks to increase efficiency and its renewable energy mix.
FTX's insolvency is questioned as it stops transactions for two hours, the Bitcoin risk signal turns red, and more in this edition of CryptoSlate Wrapped Daily.
The company pointed at the decreased production, falling Bitcoin prices, and increasing cost of revenues as the main factors that contributed to its net loss.
CZ also suggested that all cryptocurrency exchanges do merkle-tree proof-of-reserves. According to the CEO, fractional reserves are suited to traditional banks and not crypto companies.
Based on the current FTX situation, the Binance CEO also predicted that FTX's FTT would be extremely volatile in the near future.
