Wann Binance oder Tether Zesummebroch, ass et Spill Eriwwer fir Crypto, seet de Grënner vum DOGE

Dogecoin’s Shibetoshi Nakamoto believes a potential crash of the crypto exchange Binance or the stablecoin-issuer Tether could severely destabilize the entire industry.

He also advised people to do appropriate research and understand the digital asset’s sector specifics before entering it.

Binance/Tether Collapse Could be Devastating

The Co-Creator of the memecoin Dogecoin – Billy Markus (better known as Shibetoshi Nakamoto) – thinks if either Binance or Tether goes down, this could be “pretty much game over.”

Den amerikanesche Softwareingenieur huet och beschriwwen datt eng ëmmer méi Zuel vu Leit gemierkt hunn datt zevill Zentraliséierung eng "grouss Schwächt" ass.

fir jiddereen, deen sech Suergen iwwer Binance an/oder Zesummebroch zesummebréngt, wann entweder et ass zimlech eriwwer

et ass gutt datt méi vun iech endlech erausfannen wat dës ganz Saach ass a wéi déi zentraliséiert Stuff eng grouss al Schwäch ass, awer och, et war sou wéi Dir och kaaft hutt

- Shibetoshi Nakamoto (@ BillyM2k) November 16, 2022

The former CEO of Twitter – Jack Dorsey – was among the individuals to agree with Nakamoto’s assumption. He gesot such a potential meltdown will undoubtedly be “game over for the games.”

Still, DOGE’s creator believes the potential adverse event will not mean “crypto dies” but trigger a “big mega mondo market crash.”

Almost every disruption in the past, including the recent fiasco with FTX, has prompted severe market declines and panic among crypto participants. The uncertainty has also caused critics to proclaim bitcoin “dead.”

Trotz "stierwen” over 460 times, the primary cryptocurrency is still around and keeps expanding its presence across the globe. It has become a legal tender in distressed economies like El Salvador and the Central African Republic, while numerous investors view the asset as a hedge against inflation because of its limited supply.

How Is Binance Doing?

Some market participants expected the FTX crisis to cause a domino effect and drag other exchanges into the mud.

The largest cryptocurrency platform – Binance – assured its balance sheet is stable and even dropgesat its Secure Asset Fund for Users (SAFU) to $1 billion to protect customers in case of emergency.

Zousätzlech huet d'Firma agefouert ginn an industry recovery fund that could help struggling projects during turbulent times.

“To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify,” CEO Zhao stated.