The CEO of the cryptocurrency platform FTX, Sam Bankman-Fried has been using Twitter as his primary public relations platform for circulating all the news and developments Associated with the FTX platform and with the Crypto industry.
Just one day before the collapse of the cryptocurrency exchange platform FTX, Sam Bankman told his Twitter community that everything is fine at the FTX and all the assets of customers are safe with the platform.
These falsified claims of FTX came into the picture when FTX requested its rival crypto exchange company Binance for resolving the liquidity crunch at the platform and possible acquisition options.
This shows the duplicity of statements and falsified claims of a billion-dollar company CEO toward all the retail customers and investors and other cryptocurrency enthusiasts in the market.
After this Sam Bankman also claimed that all the investments at his cryptocurrency exchange are secured with us Government Bonds and the securities are considered towards safest liquid assets in the world. But all these claims were just an illusion and the platform is on the verge of insolvency after Tuesday’s failed acquisition move by Binance into the FTX platform.
The 30 years former billionaire and CEO of the FTX platform showed all these assurances ahead of its crypto company acquisition with Binance which couldn’t work out after Binance’s view that financial loopholes issues at FTX are larger than their helping potential.
These old Twitter claims are deleted by Sam Bank from Twitter and now the only thing which remains visible on Twitter under his previous tweets feed is, sorry these tweets have been deleted. This makes the retail investor more conservative about the inside reality of the FTX platform.
All the Saga comes to the same popular saying among the crypto investors, which says that “Not your key, Not your Crypto” which shows that Never let your cryptocurrency tokens to anyone such as centralized exchanges on behalf of you. In this manner, the users can stay away from the possible collapse of those platforms. This is true because in the cases of failure all these cryptocurrency funds will be seized by the administrator or by the creditor will pay in the liquidation process or the insolvency process.
Just like the CEO of FTX, the CEO of Celsius, Alex Mashinsky also issued falsified claims about the deposits of all the users are safe with the platform. This was against the reality of the platform and in the subsequent month, the Celsius platform filed the bankruptcy process in the US With the US government.