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

Tue, 11/08/2022 - 12:25
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Yuri Molchan
Founder of OKX shares his concerns regarding escalating conflict between Binance's CZ and Sam Bankman-Fried
FTX-Binance Conflict May Cause Great Harm to All Crypto Space: OKX Founder
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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.

1 Trillion SHIB Moved from FTX, Here's What Happened

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.

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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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at