What Zhao is proposing may be something similar to deposit insurance or a central bank-like entity for cryptocurrencies. BlockFi and both said they were facing high withdrawal requests after FTX’s failure.Ĭryptocurrencies have no government backing, so there’s no equivalent of deposit insurance or government backstop. The fear, uncertainty and doubt (FUD) that Binance CEO Changpeng Zhao often shrugs off as short. subsidiary has enlisted a former federal prosecutor and top cop at the Commodity Futures Trading Commission to. Changpeng Zhao, founder and CEO of Binance (Photo by Antonio Masiello/Getty Images) Getty Images. The broader effects of FTX’s failure are still too early to determine, but there are other firms now facing withdrawal requests straining their systems. March 29 (Reuters) - A former chief executive of Binances de-facto U.S. Execs are leaving over Zhao’s response to an ongoing probe by the DOJ, an unidentified person at Binance familiar with the situation told Fortune. Binance CEO Changpeng CZ Zhao says he plans to give away up to 99 of his wealth, according to an interview he gave to the Associated Press that was published on Wednesday. Binance founder and CEO Changpeng Zhao is once again in the global spotlight, this time as the self-appointed white knight of crypto as the industry is embroiled in crisis. It’s the latest failure of a cryptocurrency firm this year, as the prices for Bitcoin, Ethereum and other cryptocurrencies have collapsed in value. Han Ng, Binance’s general counsel, Patrick Hillmann, the chief strategy officer, and Steven Christie, SVP for compliance, have told CEO Changpeng Zhao they are leaving. The entire cryptocurrency universe is reeling from the bankruptcy of FTX, which was besieged with withdrawal requests in what has been the cryptocurrency equivalent of a bank run. Zhao was born in China and emigrated to Canada in 1989. The company’s stake had been worth 1.6 billion but was now worth close to zero. Zhao provided no details on the fund’s size or scope, or how the funds would be distributed. Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Changpeng CZ Zhao is the founder and chief executive officer (CEO) of Binance, the world’s largest crypto exchange. On May 16, Chief Executive Officer Changpeng Zhao disclosed the extent of Binance’s own Terra-related losses. NEW YORK (AP) - Cryptocurrency exchange giant Binance is proposing the creation of a rescue fund that would save otherwise healthy crypto companies from failure, aiming to stave off the cascading effects of last week’s implosion of FTX, the world’s third-largest crypto exchange.īinance founder and CEO Changpeng Zhao posted on Twitter Monday that his company would create “an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.” federal prosecutors asked Binance to provide internal records about its anti-money laundering checks, along with communications involving its chief executive Changpeng Zhao, according to a. Zhao Changpeng, Binance's CEO, explained, The hackers used a variety of.
Please look at the time stamp on the story to see when it was last updated. Hackers steal personal information daily, using access to users' wallets.
Zhao the issue took place on the BSC Token Hub, a cross-chain bridge that allows for the transfer of both digital assets and data between block chains.īinance believes that $100 million to $110 million in funds were taken.īinance said in a blog post on Friday that it was working on locking down any areas of vulnerabity.This is an archived article and the information in the article may be outdated. Shroder was appointed President of Binance. We apologize for the inconvenience and will provide further updates accordingly,” CEO Changpeng Zhao said in a tweet. Binance.US announced today that Brian Shroder has been appointed Chief Executive Officer (CEO). Please look at the time stamp on the story to see when it was last updated.īinance, the world’s largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network.Ī reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack. This is an archived article and the information in the article may be outdated.
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