After the collapse of the FTX crypto exchange and Luna, who should the user’s assets be handed over?
On November 9th, the founder of FTX, SBF, confidently clarified that FTX does not have a liquidity crisis. And publicly declared war with Binance that he also has a large amount of BNB, which can be sold at any time.
However, SBF’s attitude soon took a 180-degree turn, and we don’t know what happened in the past ten hours. SBF capitulated early this morning and turned to Binance for help. Binance’s founder CZ tweeted that he was willing to agree to a wholly-owned acquisition of FTX.
We can infer from SBF’s attitude that the FTX financial crisis is a reality. It is equivalent to admitting that he has indeed stolen the user’s assets for investment, resulting in FTX unable to redeem the user’s assets. So he finally had to ask Binance for help.
The most expensive and valuable thing in the crypto industry is trust. Users obviously lost faith in FTX as a result of this, and many of them withdrew their cryptos from the exchange, which caused the price of FTT coins to fall sharply by more than 70%.
The battle between the two industry giants caused the crypto market to fluctuate violently, with a liquidation of up to $52.31 million.
In addition to the events of Binance and FTX. Huobi, once one of the top 5 exchanges in the world, lost the trust of users overnight with the takeover of Justin Sun too.
Huobi, run by Justin Sun, did not quickly close the window for depositing GALA after it had been stolen. To cash out and purchase GALA, several customers recharged Huobi Exchange with actual GALA and USDT.
As a result, the real GALA coins held by users were replaced by Justin Sun with PGALA overnight. I have to say that Justin Sun is indeed a dog who can’t change from eating shit, and no one can take a penny from Justin Sun’s territory.
Countless users on Twitter have protested their rights against Justin Sun and Huobi. But our Excellency Justin Sun pretended not to see it, and instead madly promoted PGALA.
This time Justin Sun can exchange GALA for PGALA, will he exchange your BTC for PBTC next time? It can be said that after Justin Sun took over Huobi, Huobi completely lost user’s trust.
In this bear market, crypto exchanges have also undergone a major purge, and those exchanges that deceived users and stole user assets were completely eliminated. Only when the tide went out did it become known who was swimming naked.
Our MEME crypto futures contracts exchange, since its inception, has put trust and ethics first, because we understand that trust is invaluable.
Our MEME crypto exchange, since its inception, has put trust and ethics first, because we understand that trust is invaluable.
MEME is the world’s first Web3 crypto exchange that is perfectly compatible with DEX and CEX. Through the blockchain decentralization technology, put the power of information use and flow is handed over to users, reshaping the “reality” of the Internet, and allowing users to own digital assets that truly belong to them.
Advantages of using MEME Crypto Futures Contracts Exchange:
With 100% control of the assets, there is no need to worry about hacking, nor the exchange’s stealing, and the assets are more secure.
You can trade without KYC verification process. Traders can freely connect multiple wallets to manage assets.
The real person verification procedure is omitted, the transaction is completely anonymous, and the user data is not afraid of outflow.
Peer-to-peer transactions are settled directly on the blockchain, making transactions more efficient.
In recent years, various trading platforms have emerged, each with different advantages. What MEME Crypto Exchange has to do is to draw on their advantages.
Every iteration brings new situations. MEME crypto exchange hopes to give users a system that is more secure, easy to use, and a powerful trading platform with intimate service.