CEO says have very strong balance sheet, will prove people wrong

  • 20% of reserves are in SHIB, reflecting what customers bought
  • As a company, we have 1:1 reserves
  • We do not lend to third parties, do not take counterparty risk

There was a run on funds held in over the weekend after the exchange “mishandled” a $400 million Ethereum transaction. The timing of things couldn’t be worse, after the whole FTX fiasco and all of this continues to just put a dent in confidence and credibility in the crypto space at the moment.

Marszalek is now out to defend his company and exchange and while they might not wear the same skin as FTX, these supposedly reassuring remarks should be taken with a pinch of salt. I mean, SBF claimed that FTX was “100% liquid” just a day before it all went bust.

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