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Crypto Billionaire Warns : Some Crypto Exchanges Already “Secretly Insolvent”

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the staff of the Ridgewood blog

Ridgewood NJ, Sam Bankman-Fried (SBF), the billionaire founder of FTX, believes that many third-tier exchanges are already secretly insolvent. SBF has been issuing cash infusions to save crypto companies from collapsing. The lack of regulations around crypto exchanges has made many exchanges vulnerable to scammers and hacks. FTX remains profitable and has been so for the past 10 quarters. SBF is not worried about Tether, saying that there is no evidence to support the bearish views around the stablecoin.

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