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FTX vs https://www.binance.com - Whether you are a user of FTX or Binance, the recent deal between the two exchanges has caused a crypto-like bank run. FTX will soon provide proof of their reserves. The deal also caused a massive crash on Binance, where two million BNB tokens were drained.
FTX vs Binance
FTX and Binance are both very popular crypto exchanges. Choosing the best platform is a matter of weighing the features and benefits of each. You should consider things like the security of user funds, customer support and ease of use.
While both exchanges have their own sets of unique features, FTX stands out when it comes to customer support. You can get answers to questions or solutions to problems quickly, and they even have their own help center. They also have a multilingual support team to help you out, and they're very responsive to your queries.
FTX also boasts the most affordable fees. The average trading fee is only 0.001%, and the starting fee for market makers is only 0.07%. The best part is that if you're trading a large volume of coins, you won't have to pay any maker fees at all. However, there are also other ways to save money on your trading.
For example, Binance has a robust calculator that calculates the PnL, initial margin, and liquidation price of a long position. It also features a virtual chatbot. You can also raise support tickets to get help. The site offers a knowledge base and FAQs for those looking to learn more.
While FTX does not have a live chat feature, you can still get help from them through email, phone and support ticket submission. There's also a telegram community for trading talks.
The FTX website is easy to navigate, and you can customize the layout to suit your needs. You can also take advantage of a custodial wallet to store your NFTs (non-fungible tokens) and other cryptocurrencies. This feature will allow you to access your funds and private keys from anywhere in the world.
Binance is a bit more difficult to navigate, but you can get assistance with your trades through a live chat or through their help center. The site has a slew of security features to keep your funds safe. It also offers cold storage to keep your funds safe from hackers. It's also one of the most secure crypto exchanges around.
While both exchanges have their own sets of unique features, FTX stands out when it comes to customer support. You can get answers to questions or solutions to problems quickly, and they even have their own help center. They also have a multilingual support team to help you out, and they're very responsive to your queries.
FTX also boasts the most affordable fees. The average trading fee is only 0.001%, and the starting fee for market makers is only 0.07%. The best part is that if you're trading a large volume of coins, you won't have to pay any maker fees at all. However, there are also other ways to save money on your trading.
For example, Binance has a robust calculator that calculates the PnL, initial margin, and liquidation price of a long position. It also features a virtual chatbot. You can also raise support tickets to get help. The site offers a knowledge base and FAQs for those looking to learn more.
While FTX does not have a live chat feature, you can still get help from them through email, phone and support ticket submission. There's also a telegram community for trading talks.
Binance is a bit more difficult to navigate, but you can get assistance with your trades through a live chat or through their help center. The site has a slew of security features to keep your funds safe. It also offers cold storage to keep your funds safe from hackers. It's also one of the most secure crypto exchanges around.
FTX deal caused a crypto-like bank run at the exchange
FTX was one of the largest exchanges in the world, and was considered a major success story in the cryptocurrency world. The company had an exceptional growth rate and was lauded as an honest and transparent operation. However, this year the company suffered from financial problems, and has filed for bankruptcy. It is unclear how the collapse will impact the industry as a whole. It is possible that FTX may be able to recover from the situation, but it is likely that investors will lose some of their funds.
The company's founder, Sam Bankman-Fried, is under investigation by the Securities and Exchange Commission and the Department of Justice for potential criminal violations. The exchange is also under investigation by the Commodity Futures Trading Commission for possible civil violations. FTX has also been in contact with several regulators over the last 72 hours.
While FTX claimed to be an "international" exchange, it operated out of the United States. FTX and Alameda Research were reportedly using customer funds to make bets on speculative financial products. The company's token, FTT, was used to make these bets. The company had a huge amount of FTT, but it was worthless outside of FTX's promise to buy tokens at $22.
A CoinDesk report based on an internal balance sheet from Alameda revealed that the two companies had a financial relationship. It was revealed that FTX had loaned large amounts of FTT to Alameda Research. It was also found that Alameda had siphoned off FTX margin calls, debt obligations and customer funds. This could lead to embezzlement charges. The company was also reportedly co-mingling customer funds with Alameda's.
The FTX collapse sparked a lot of turmoil in the wider cryptocurrency market. The price of bitcoin has fallen nearly 65% this year, while Ethereum has dropped more than 50%. FTX's failure has sparked questions about the power of centralized platforms and the risks of unregulated markets.
FTX's failure also raises questions about the credibility of the industry. FTX's collapse has made many crypto enthusiasts skeptical of cryptocurrencies. It also highlights the lack of safety and legal protections that investors have when investing in digital assets. It may also help in the push for more regulatory oversight in the industry.
The company's founder, Sam Bankman-Fried, is under investigation by the Securities and Exchange Commission and the Department of Justice for potential criminal violations. The exchange is also under investigation by the Commodity Futures Trading Commission for possible civil violations. FTX has also been in contact with several regulators over the last 72 hours.
While FTX claimed to be an "international" exchange, it operated out of the United States. FTX and Alameda Research were reportedly using customer funds to make bets on speculative financial products. The company's token, FTT, was used to make these bets. The company had a huge amount of FTT, but it was worthless outside of FTX's promise to buy tokens at $22.
A CoinDesk report based on an internal balance sheet from Alameda revealed that the two companies had a financial relationship. It was revealed that FTX had loaned large amounts of FTT to Alameda Research. It was also found that Alameda had siphoned off FTX margin calls, debt obligations and customer funds. This could lead to embezzlement charges. The company was also reportedly co-mingling customer funds with Alameda's.
The FTX collapse sparked a lot of turmoil in the wider cryptocurrency market. The price of bitcoin has fallen nearly 65% this year, while Ethereum has dropped more than 50%. FTX's failure has sparked questions about the power of centralized platforms and the risks of unregulated markets.
FTX's failure also raises questions about the credibility of the industry. FTX's collapse has made many crypto enthusiasts skeptical of cryptocurrencies. It also highlights the lack of safety and legal protections that investors have when investing in digital assets. It may also help in the push for more regulatory oversight in the industry.
Hackers drained 2 million BNB tokens from Binance's BNB Chain
Despite its initial response to the hack, Binance has since begun introducing new security measures to protect its users and its ecosystem from further attacks. This includes introducing an on-chain governance system that will allow the community to vote on whether to freeze stolen funds. It also plans to introduce a bug bounty reward system that will be used to detect and resolve future hacking incidents.
The BNB Chain is an interlocking set of parts that are linked to Binance, a major crypto exchange. The BNB Chain has been in a state of chaos since October 6, when the BSC Token Hub, a clearinghouse for Binance-linked blockchain transactions, was exploited. The exploited tokens were then sent to a number of different exchanges, including Polygon and Avalanche. In the process, the value of the BNB tokens dropped from $300 to less than $280 in the span of less than an hour.
Binance is currently the world's largest crypto exchange by trading volume. As of writing, its native token, Binance Coin, is trading at about $281. The hack caused a drop of 5%, but the price has since recovered.
Binance has responded to the hack by temporarily suspending all blockchain activity and transactions. The exchange also announced that it has identified a hacker who fraudulently transferred 2 million BNB tokens from the network. The tokens are worth $570 million at current prices.
Using a bug in the smart contract of the BSC Token Hub, hackers were able to create fraudulent BNB tokens. This was followed by a series of fraudulent transactions that sent the tokens from one wallet to another. The BNB tokens were later deposited into the Venus lending system.
The BNB Chain is now back online after a 20-minute pause to prevent further loss of funds. Binance has promised to apologise to its users and to make all funds safe. However, it has not announced the value of the BNB tokens that were stolen, and it hasn't disclosed if the coins are authentic.
The Binance hack has been a major setback for the crypto industry, but the exchange has managed to halt the bleeding. It has also suspended withdrawals and deposits.
The BNB Chain is an interlocking set of parts that are linked to Binance, a major crypto exchange. The BNB Chain has been in a state of chaos since October 6, when the BSC Token Hub, a clearinghouse for Binance-linked blockchain transactions, was exploited. The exploited tokens were then sent to a number of different exchanges, including Polygon and Avalanche. In the process, the value of the BNB tokens dropped from $300 to less than $280 in the span of less than an hour.
Binance is currently the world's largest crypto exchange by trading volume. As of writing, its native token, Binance Coin, is trading at about $281. The hack caused a drop of 5%, but the price has since recovered.
Binance has responded to the hack by temporarily suspending all blockchain activity and transactions. The exchange also announced that it has identified a hacker who fraudulently transferred 2 million BNB tokens from the network. The tokens are worth $570 million at current prices.
Using a bug in the smart contract of the BSC Token Hub, hackers were able to create fraudulent BNB tokens. This was followed by a series of fraudulent transactions that sent the tokens from one wallet to another. The BNB tokens were later deposited into the Venus lending system.
The BNB Chain is now back online after a 20-minute pause to prevent further loss of funds. Binance has promised to apologise to its users and to make all funds safe. However, it has not announced the value of the BNB tokens that were stolen, and it hasn't disclosed if the coins are authentic.
The Binance hack has been a major setback for the crypto industry, but the exchange has managed to halt the bleeding. It has also suspended withdrawals and deposits.
FTX to provide proof of reserves soon
FTX is one of the world's biggest crypto exchanges and it recently faced a liquidity crisis. The company was facing an overleveraged position and it was attempting to raise money from customers. At one point, FTX was valued at $32 billion. It was also backed by blue chip investors. The downfall of the exchange has led to calls for more regulatory oversight of the cryptocurrency market.
After FTX's collapse, several key market players promised more transparency in order to win back the public's trust. Binance, for example, announced that it would soon release proof of reserves. This would provide customers with a detailed look at how much crypto the exchange holds in on-chain reserves.
The FTX collapse is not the first time a crypto exchange has experienced a liquidity crisis. CoinDesk's report on FTX revealed that FTX had a significant portion of its reserves in FTT tokens. While FTT was a native token, it had a poor liquidity profile. This made it difficult for users to withdraw funds from the exchange.
The FTX collapse has revealed an array of counterparty risks. It also uncovered the importance of proof of reserves. In order to prevent such a fiasco, crypto exchanges should do a proof of reserves audit. This is a third party audit that checks the balance of exchange assets with the funds held by customers.
The FTX fiasco has prompted many exchanges to release proof of reserves. In a recent tweet, Binance's CEO Changpeng Zhao exhorted other exchanges to follow suit. While proof of reserves does not prevent a crypto exchange from misusing customer funds, it does provide a degree of transparency.
The most valuable reserve assets include ether, tether, and USD coins. Bybit and Huobi also released proof of reserves. While some exchanges have passed proof of reserves audits, others have been accused of passing around millions of dollars to help other exchanges pass the audits.
The FTX collapse has raised questions about centralized exchanges. Critics claim that they are not reliable stewards of customer assets. Crypto experts have been vocal about the importance of proof of reserves for years.
After FTX's collapse, several key market players promised more transparency in order to win back the public's trust. Binance, for example, announced that it would soon release proof of reserves. This would provide customers with a detailed look at how much crypto the exchange holds in on-chain reserves.
The FTX collapse is not the first time a crypto exchange has experienced a liquidity crisis. CoinDesk's report on FTX revealed that FTX had a significant portion of its reserves in FTT tokens. While FTT was a native token, it had a poor liquidity profile. This made it difficult for users to withdraw funds from the exchange.
The FTX collapse has revealed an array of counterparty risks. It also uncovered the importance of proof of reserves. In order to prevent such a fiasco, crypto exchanges should do a proof of reserves audit. This is a third party audit that checks the balance of exchange assets with the funds held by customers.
The FTX fiasco has prompted many exchanges to release proof of reserves. In a recent tweet, Binance's CEO Changpeng Zhao exhorted other exchanges to follow suit. While proof of reserves does not prevent a crypto exchange from misusing customer funds, it does provide a degree of transparency.
The most valuable reserve assets include ether, tether, and USD coins. Bybit and Huobi also released proof of reserves. While some exchanges have passed proof of reserves audits, others have been accused of passing around millions of dollars to help other exchanges pass the audits.
The FTX collapse has raised questions about centralized exchanges. Critics claim that they are not reliable stewards of customer assets. Crypto experts have been vocal about the importance of proof of reserves for years.
