El Salvador Had No Business With FTX: CZ
- El Salvador President Nayib Bukele confirmed that it had zero exposure to the troubled crypto exchange FTX and the country also had no business with the platform.
- Binance CEO Changpeng Zhao addresses the rumors of the Central American nation being rekt by FTX and stated that he had talked with Bukele who stated that the country’s funds are safe.
- The rumor that the Bukele-led country had exposure to the Sam Bankman-Fried-led crypto exchange was circulated by CEO of Galaxy Digital – Mike Novogratz, who apologized later.
El Salvador, the first country in the world to announce Bitcoin (BTC), the world’s oldest cryptocurrency, as its legal tender in September last year, has confirmed that it had zero exposure to the troubled crypto exchange FTX and also confirmed that it had no business with the platform as well.
Accoding to the CEO and co-founder of Binance, the world’s biggest crypto exchange, he talked to Nayib Bukele, the President of El Salvador, who confirmed that his country’s treasury remained unaffected by the recent decline in the valuation of FTX and it had no assets on the platform. Interestingly, the report that the Central American nation had exposure to the Sam Bankman-Fried-led crypto exchange was circulated by CEO of Galaxy Digital – Mike Novogratz.
“Man, the amount of misinformation is insane. I exchanged messages with President Nayib a few moments ago. He said “we don’t have any Bitcoin in FTX and we never had any business with them. Thank God!” the CEO of Binance said.
Additionally, it is also crucial to note that Zhao clear the air after having talks with Bukele, ending the FUD almost ASAP which could’ve pushed the price of BTC further down. El Salvador is currently one of the major holders of BTC with over 2,381 coins on a macroeconomic level which equals over $41 million (at current prices).
Interestingly, after the clearification from Zhao and Bukele, Novogratz took to Twitter to apologize and went on to thank the Binance executive for his fast reaction. Several users of the social media platform stated that it made no sense for El Salvador to have funds deposited on FTX exchange since the country had its own Chivo wallet and their own treasury where all the BTC tokens are held.
“Apologies to @nayibbukele and the people of El Salvador. I fell for ‘fake news’ and while I mentioned I hadn’t confirmed it, I should have. Thanks @cz_binance for pointing it out. I am a huge fan of what you are doing in El Salvador,” Bukele said.
In the light of similar events, FTX CEO Bankman-Fried, also called FTX by his followers, has stepped down as the CEO of his exchange and also, his firm has filed for Chapter 11 bankruptcy. While the FUD was aimed to drag Bukele and El Salvador into the mess, the country’s assets remain safe but have suffered a huge losses.
Along with his firm filing for bankruptcy, SBF’s net worth which dropped to below $1 billion earlier this week, has crashed to zero as reported by Bitnation.