The boss of Binance, Changpeng Zhao, was one of the last guys standing at the crypto summit in 2022, notching several notable wins. He catalyzed the fall of FTX and jumped to bailout struggling firms to prove that crypto has the steam to make it in the long run.
Binance processed more than $1 billion about two weeks ago. He’s reportedly down to his last $100,000. It’s business as usual for us, says CNN’s Richard quest. Clients withdrew $114 billion in crypto and fear that the exchange keeps assets in different forms than what clients deposited. Changpeng Zhao called the surge in withdrawals at the time business as usual.
He said exchanges need stress tests. CZ called for greater transparency surrounding an exchange’s crypto assets. He later one-upped several rival exchanges by authorizing one of the first Merkle proof-of-reserves audits to prove Binance held customer assets and did not lend out customer funds like traditional banks.
CZ, an NFT collection of computer-generated statues depicting Ronaldo’s football feats, had the highest seven-day transaction volume on the BNB chain in November 2022. Falling crypto prices caused investment in crypto ads to fall drastically from the start of the year.
