• Binance exchange is facing investors’ fear due to a possible bank run as they are not able to show full reserves.
• The MCADE presale has given investors hope as it attracted seven figures worth of funding and sold out its beta phase in just three weeks.
• Changpeng Zhao’s reluctance to hire a top four auditing firm to reveal liabilities has caused further fear, uncertainty and doubt (FUD) in the crypto market.
The crypto market has been facing a bear market for the past few months, and investors have been sceptical about the future of the blockchain industry. One of the biggest exchanges, Binance, is also facing fear due to potential liabilities that may not be backed by full reserves. Binance’s BTC liabilities were $245 million bigger than their BTC reserves, meaning an FTX-style bank run could cause major problems. This has caused investors to worry that Binance exchange may not last through the bear market.
However, there is hope. The Metacade presale has brought positive sentiment back to the crypto markets. It attracted seven figures worth of funding and sold out its beta phase in just three weeks. This has given investors hope that Web3 projects are still viable and that the blockchain industry will eventually recover.
Unfortunately, this optimism was short-lived as Changpeng Zhao, the CEO of Binance, appeared on CNBC to discuss the financial situation of the exchange. He was reluctant to hire a top four auditing firm to reveal liabilities, which has caused further fear, uncertainty and doubt (FUD) in the crypto market. This has forced investors to once again question the long-term future of the blockchain industry and the potential risks posed by the Binance exchange.
Despite the uncertainty, the Metacade presale has been a key project that has brought positive sentiment back to the crypto markets. As investors continue to look forward and wait for the bear market to come to an end, they will be glad to know that there are still Web3 projects that are seeing success. As Metacade continues to progress, hopefully it will be a sign of things to come for the blockchain industry.