Indian crypto exchanges reassure investors no exposure to risky coins post the FTX collapse
The FTX fiasco is the most shocking development to affect the crypto market most recently, which has demotivated many Indian crypto investors
Following the bankruptcy of FTX by trading volumes, Indian crypto exchanges claimed they are taking steps to restore investor confidence by making details of all of their reserve funds completely transparent.
The sharp decline in FTX's native FTT coin is thought to have affected roughly half a million crypto investors in India, who are now facing a devaluation of their invested capital of over 90 percent. Leading crypto asset exchanges CoinDCX, CoinSwitch, and WazirX, were quick to release statements regarding their sound balance sheets and assure customers that there was no impact of FTX's bankruptcy on their operations after realising the potential for widespread panic among Indian investors.
It started with Changpeng Zhao, the founder of Binance, who pledged to fulfil his promise to fully publish the proof of reserves he has on hand to cover any future consumer withdrawals. Notably, Binance was an investor for FTX and has pulled out of any ties with them post the FTX fiasco.
Last Updated :
November 25, 22 05:43:00 PM IST