Binance CEO CZ gave an AMA (Ask Me Anything)-themed interview in a session he attended via Twitter Spaces.
Changpeng Zhao (CZ) talked about the latest events in this interview he attended and shared his ideas about the ecosystem to the users.
CZ Evaluates the Agenda at Twitter Spaces
Binance CEO Changpeng Zhao (CZ) evaluated the latest developments in his Twitter Spaces broadcast. He gave information about the bankruptcy of FTX and the Industry Protection fund announced by Binance.
CZ made the following statements at the AMA (Ask Me Anything) he attended:
“Proof of reserve is proof of assets you state on your balance sheet. I spoke with Vitalik Buterin this afternoon about this. We will start working together to create a much more reliable system for proof of reserve.”
Talking about the FTX event, CZ also gave information about Binance’s liquidity:
“When prices fall in the market, money outflows from exchanges increase. This has happened with us as well, but things continue as they always do. The effects of such crises, such as the FTX crisis, hit the big players first. LUNA had an impact of $40 billion. Later, in 3AC, that figure dropped to $5 billion. It will be similar in the case of FTX. BUSD is currently the most fiat-backed stablecoin. Having too much in our reserves does not pose a risk. There is not much in our reserves as a percentage. We also have USDT close to BUSD in our reserves. Exchanges should have a large amount of stablecoins on their balance sheets. Otherwise, this is a strange situation”
Additionally, CZ said about Sam Bankman-Fried:
“I think Sam Bankman-Fried has deceived his users, investors, team and regulators”
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