According to some newspapers a lot of money were sent to Ukraine and then through FTX the funds were laundered back to Democrats in US. Alex Bornyakov, the Deputy Minister of Digital Transformation of Ukraine, denied these rumors on Twitter, saying it is nonsense.
All these facts are causing people’s confidence in cryptocurrencies to decrease, already weakened by months of not too exciting performances. In recent days, a strange transaction of 320,000 ETH from Crypto.com to Gate.io has been highlighted. Despite the reassurances of Crypto.com CEO Kris Marszalek, a real rush for withdrawals of Crypto.com users has been triggered due to the fear of another possible crack. According to The Chainsaw, nearly 90,000 unique transactions have been processed in a few hours.
Another fact: the stablecoin of Velas, partner of Ferrari, has imploded. USDV (USD Velero Stablecoin) was created on the Velas blockchain and today its value has fallen to less than a millionth of a dollar.
Another fact: according to Coindesk, today Genesis Global Capital suspended withdrawals temporarily. The decision was made due to the market difficulty and loss of industry confidence caused by the FTX insolvency.
Another fact: according to The Wall Street Journal, BlockFi could be next to file for bankruptcy, after halting withdrawals and limited activities last week.
- Be risk averse with user funds
- Never use native tokens as collateral
- Share live proof of assets
- Keep strong reserves
- Avoid excessive leverage
- Strengthen & Enforce Security Protocols
Re-read this article of mine I wrote recently on how to keep your cryptocurrencies safe. I would like us to ask ourselves: where is the decentralization? Are we really better than the government and the banks?
A winner is a dreamer who never gives up.
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Disclaimer: Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives and your level of experience. Do Your Own Research. All opinions expressed here are owned by the respective writer and should never be considered as financial advice in any form.
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