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FTX-Binance Conflict May Cause Great Harm to All Crypto Space: OKX Founder

8 Nov, 20222 min readOther
FTX-Binance Conflict May Cause Great Harm to All Crypto Space: OKX Founder

Star Xu, founder of the OKX exchange, has taken to Twitter to express his concerns about the war between Binance and FTX – the two largest crypto exchanges in the crypto space.

"FTX-Binance conflict may hit the whole space"

He stated that if FTX Token (FTT) becomes the new LUNA, meaning that the latter hits the crypto market so hard that Bitcoin and altcoins plunged, there would not be a single player in the space who would be able to benefit from it, including Binance.

Customers and, what is most important, the regulators, would lose confidence in crypto, Star Xu stressed in his tweet. He believes the only way out of this is to get CZ to stop selling the FTT bags of Binance and strike a new deal with FTX co-founder Sam Bankman Fried.

If unfortunately FTX becomes another LUNA,nobody in the industry can benefit from the accident including Binance. Both customers and regulators will lose some confidence about the whole industry .I hope CZ can think about stop to sell FTT and make a new deal with SBF.— Star (@starokg) November 8, 2022

Binance inflow coming from FTX

Crypto blogger Colin Wu noticed that, at the moment, roughly 20% of Binance's inflow has been coming from FTX over the past week. This is equal to $1.17 billion.

When a similar situation happened to the Chinese giant, Huobi, in Nov. 11, nearly 19,000 Bitcoins went from that exchange to the Binance behemoth.

Around 20% of the Binance inflow comes from FTX in the past 7 days. And that is $1.17B in USD value. By @ScopeProtocol Similar things happened from November 2 to November 11, 2020, with a total of 18,652 bitcoins flowing into Binance from Huobi.— Wu Blockchain (@WuBlockchain) November 8, 2022

As for FTX, as covered by U.Today, it has limited withdrawals for customers to the equivalent of $1,000. Prior to that, an anonymous whale withdrew over 1 trillion Shiba Inu tokens from it in just three transactions.

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