BINANCE STOPS FTT DEPOSITS

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Cryptocurrency exchanges publish transparency reports; Binance stops FTT deposits; Crypto.com mistakenly sends $400M worth of ETH to Gate.io

Cryptocurrency exchanges publish transparency reports

In the wake of the FTX crisis, numerous cryptocurrency exchanges have released a transparency report to reassure their users that their funds are safe.

Huobi pointed out that he holds $3.5 billion worth of crypto assets, including 9.7m TRX, 820m USDT, 274k ETH, and 32k BTC. Other crypto assets include ATOM, ADA, BCH, DOGE, DOT, MATIC, SHIB, ETC.

Meanwhile, Binance also announced that it has $69 billion worth of crypto assets, including 475k BTC, 4.8m ETH, 17.6b USDT, 601m USDC, and 21b BNB.

Finally, OKX announced that it has $6 billion in cold wallets. In its Twitter statement, the company stressed it has made transparency and user security a top priority. 

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Binance stops FTT deposits

Binance, the world’s largest cryptocurrency exchange by trading volume, has stopped depositing funds for FTT, the native token of rival exchange FTX, which has filed for bankruptcy. The statement on the subject came from Binance CEO Changpeng Zhao.

Zhao also urged other exchanges to make a similar move, expressing that FTT’s smart contract distributors are carrying the entire remaining $400 million worth of FTT supply and he is not sure what is going on.

On the other hand, after filing for bankruptcy on November 11, FTX found that the exchange had been accessed without authorization. Analysts stated that hundreds of millions of dollars worth of assets were moved from FTX under dubious conditions.

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Binance CEO Changpeng Zhao has announced that Binance will liquidate all of its FTT holdings. In his statement on the subject, Zhao said, “We learned a lesson from Terra LUNA; This is why we are leaving FTT.” 

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Crypto.com mistakenly sends $400m worth of ETH to Gate.io

The cryptocurrency market is facing another shock event. After the FTX incident, it turned out that the cryptocurrency exchange Crypto.com mistakenly sent $400 million worth of Ethereum to the Gate.io exchange.

After the Gate.io statement, the funds were returned to the original account at Crypto.com.

Some suggest that the transfer was not a mistake but sought to prove the liquidity of involved exchanges amid the FTX crisis. 

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