{"id":508491,"date":"2022-11-15T10:58:13","date_gmt":"2022-11-15T10:58:13","guid":{"rendered":"https:\/\/wncen.com\/?p=508491"},"modified":"2022-11-15T10:58:13","modified_gmt":"2022-11-15T10:58:13","slug":"the-next-ftx-these-exchanges-are-rumored-to-be-in-trouble","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ftx-ftt-bankman\/the-next-ftx-these-exchanges-are-rumored-to-be-in-trouble\/","title":{"rendered":"Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble"},"content":{"rendered":"

Amidst the FTX drama, it is still not clear what contagion effects the collapse of the world’s second largest crypto exchange will have on the industry as a whole. In addition to numerous hedge funds that have already spoken out about their exposure to FTX and Alameda, several exchanges are currently in the spotlight.<\/p>\n

The crypto community is currently evolving into on-chain detectives who want to discover if and which crypto exchanges are also mishandling their customer funds, trading with them, and thus not holding enough reserves. If a bank run like the one on FTX were to happen, they would not be able to withstand it.<\/p>\n

Binance CEO CZ warned<\/a> a few days ago, “If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away.”<\/p>\n

With that in mind, the crypto community is currently focused on three crypto exchanges. As Glassnode’s lead on-chain analyst “Checkmate” explained<\/a>, Huobi, Gate(.)io, and Crypto(.)com have been exhibiting “particularly weird BTC balance patterns” lately.<\/p>\n

All three have large jumps, drops, or oscillations on the order of 10k $BTC to $40k $BTC. The same can be said for $ETH Balances, noting the weird ‘I accidentally transferred from crypto(.)com to Gate(.)io’ event.<\/strong><\/p><\/blockquote>\n
In contrast, the analyst notes that Binance, Coinbase, Kraken, Gemini, Bitfinex, and Bittrex “look fairly vanilla” across BTC and ETH and do not trigger a red flag warning.<\/p>\n
The Next FTX?<\/h2>\n
The rumors surrounding a collapse of Crypto(.)com are partly the exchange’s own fault. On-chain analysts found that Crypto(.)com shipped $500 million in ETH of users’ assets to Gate(.)io, by its own account “by accident.”<\/p>\n
The exchange’s ETH and stablecoin reserves have massively decreased since the uncertainty evolved. CryptoQuant CEO Ki Young-Ju stated that 25-80% of ETH reserves have moved four times since September 2022. Stablecoins reserve dropped from $2.9B to $292M, -90% in the last 7 months.<\/p>\n
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ETH & stablecoins reserve on https:\/\/t.co\/FmNiPK88vZ<\/a> :<\/p>\n
\u2022 25-80% of ETH reserve moved four times since Sep 2022.<\/p>\n
\u2022 Stablecoins reserve decreased from $2.9B to $292M, -90% over the past 7 months.https:\/\/t.co\/sljiJZbXuv<\/a> pic.twitter.com\/UiVw0a0Nmw<\/a><\/p>\n
— Ki Young Ju (@ki_young_ju) November 14, 2022<\/a><\/p><\/blockquote>\n