FTX assessment from the vice-president of the Bank of England



FTX assessment from the vice-president of the Bank of England

Deputy Governor of the Bank of England Jon Cunliffe, recently shared its assessments of cryptocurrency exchange FTX, which has filed for bankruptcy following allegations that it used client funds to support its sister company, Alameda Research, and its crisis with rival exchange Binance. In his statement, Cunliffe stated that cryptocurrencies issued by crypto exchanges such as FTX’s native token FTT can pose a high risk when accepted as collateral by the producers.

Cunliffe also pointed out that platforms that accept self-issued cryptoassets as collateral for loans and payments are taking an extremely risky path. Stating that unsupported crypto assets such as the native token of exchanges are vulnerable to price fluctuations, Cunliffe added that these cryptocurrencies increase price fluctuations.

Cunliffe also made evaluations about the collapse of FTX

The Deputy Governor of the Bank of England also made evaluations about the collapse of FTX in his statement. Cunliffe stated that there are indications that FTX’s native token, FTT, directly triggered the stock market crash.

Soruce : https://tr.cointelegraph.com/news/boes-deputy-governor-speaks-about-ftx-and-ftt

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