Binance CEO Changpeng Zhao, better known as CZ has cautioned investors against those crypto founders, that jumped from project to project. The top exec was in the limelight following his jibe at bad players for crypto exchange jitters.
Jitters in crypto trading refers to a trade event wherein a trader’s buy or sell order gets stuck and moves down in the list, allowing newer trade orders to go through.
Regarding the community’s comment that “jitters” is a common and accepted condition, Zhao added, “All of you guys knew and didn’t say anything. We need to fight the bad players.”
Even though CZ refrained from taking names, the crypto community felt that it was an indirect shot at FTX, the exchange under fire for “misleading investors”.
Zhao then revealed that VIP traders on Binance were aware of the illegal trade activity. quoting “You can’t hide bad behavior”.
SBF-run FTX along with four other cryptocurrency companies have been issued cease-and-desist letters from the Federal Deposit Insurance Corporation [FDIC].
The FDIC alleged that FTX US, SmartAssets, FDICCrypto, Cryptonews, and Cryptosec have tricked investors by claiming that their products were FDIC-insured. Brett Harrison, the president of FTX US, posted a now-deleted tweet that refuted FDIC charges.
But, crypto Twitter countered Harrison by citing several instances where the latter misrepresented the existence of FDIC insurance.
According to a recently leaked document, FTX’s income reportedly grew a staggering 1000% in 2021, rising from $90 million in 2020 to $1.2 billion in 2021, as reported by CNBC.
FTX has reportedly pocketed $270 million within the first quarter of 2022. In addition to that, the report claimed that the crypto exchange held $2.5 billion in money by the end of 2021 with a revenue margin of 27%.
Binance CEO Called Out Media Outlets For Sreading Fake News
That said, Binance boss CZ recently posted a thread on his Twitter account, expressing frustration at the major Chinese news site 163 for publishing fake news on Binance to spread FUD.
The CEO also recalled that the global crypto news site The Block too triggered FUD by posting an article with a misleading title three years ago.