With consumer confidence shaken, CZ believes that the event will serve as a 'wake-up call' in the long term to learn how to deal with risks that come with the nascent industry.
With consumer confidence shaken, CZ believes that the event will serve as a “wake-up call” in the long term to learn how to deal with risks that come with the nascent industry.
FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal.While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao“From a financial perspective, there is a big hole. From new users, we have very high overlaps. We cover all the regions they cover and they have much less users than us. From a technology or product perspective, I think we have a superior product.
Bankman-Fried had reportedly approached stablecoin issuer Tether, crypto exchange and Kraken OKX as well as venture capital firm Sequoia Capital for $1 billion or more from each of the platforms. Tether CTO Paolo Ardoino confirmed that having no plans to invest or lend money to FTX or its sister trading company, Alameda, which is at the center of the debacle.
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