FTX was a scam, they literally stole from their clients. The only failure of Binance is they failed to reject certain clients certain governments asked them to reject
I love how just a year ago, he was the one to call out FTX.
People in glass houses shouldn’t throw stones and all that…
The whole industry seems like a criminal plot at this point.
JJROKCZ@lemmy.world 7 months ago
yiliu@informis.land 7 months ago
FTX stole from customers. Binance didn’t sufficiently spy on its customers. They are not the same.
TheBlue22@lemmy.blahaj.zone 7 months ago
Crypto is rotten to the core.
sv1sjp@lemmy.world 7 months ago
Binance has no problem with its clients. FTX literally invested the money of the people in high risk assets, and they ended up bankrupted.
In the day of the Binance’s trial, people withdraw more than billion of dollars worth Cryptos. Binance didn’t end up bankrupt as they are holding A LOT.
shortwavesurfer@monero.town 7 months ago
Centralization allows for this. If people exchanged crypto peer to peer transaction amounts would be much smaller and no one person or company would have nearly as big of a share as binance. So I will continue to say not your keys, not your coins.
cheese_greater@lemmy.world 7 months ago
sv1sjp@lemmy.world 7 months ago
If you are trading, its a cheaper choice. (Except if you are trading in Blockchains like polygon) Also, “not your keys not your coins”, but most people are losing access to your Facebook account (without 2FA), they have no chance to keep their own keys…
shortwavesurfer@monero.town 7 months ago
People need to learn to take responsibility. If they lose their money once or twice, they won’t do it again, because they will figure out exactly how to not lose their money. Losing access to a Facebook account is inconvenient because you have to do the whole forgot password thing, but losing access to your money and knowing there’s no way to get it back is a whole different story.
JamesNZ@lemmy.world 7 months ago
We only know ftx was stealing due to a run on the exchange. Binance could also easily be in the same boat, we just don’t know, as they have not been tested for there liquidity. Also it turns out ftx pretty much had the money, but it just was not liquid.
sv1sjp@lemmy.world 7 months ago
Βinance had shared publicly many of its wallets in many Blockchains.