Crypto Analyst Hints at Possible Collapse of Crypto Exchange Binance
Crypto Twitter analyst and Fintech Executive Adam Cochran, in a recent post on X, once again hinted at a possible imminent collapse of crypto exchange giant Binance. According to Cochran, the cracks at the company are starting to show, and the effects will be “nasty when this dam (Binance) breaks.”
His statement comes in reaction to an outcry by a user. Per the post, the user claimed that they were unable to withdraw their funds from the crypto exchange – the first time in many years with the crypto exchange.
In what many describe as a tumultuous year for Binance, the company has been the subject of widespread FUD. Additionally, the crypto exchange has also faced increased regulatory scrutiny in several countries.
Recently, the FUD concerns heightened following executive exits at Binance U.S. In particular, the exit of the company’s CEO, Brian Shroder, who had led the company for the past two years. The company has also announced it will lay off close to one-third of its workforce.
While there is little clarity about the executives’ exits, many in crypto circles have pointed to the regulatory scrutiny as a reason. However, Changpeng Zhao, Binance CEO and co-founder has asked community members to disregard FUDs surrounding the company.
Despite the concerns, some community members still believe the crypto exchange would overcome worries around it. Notably, a user reacting to Cochran’s post said that if the company survived the FTX and Terra collapses, then it would survive this one too.
However, Cochran countered that there is no guarantee that the company survived the FTX and Terra collapses. He added that there could have been an internal crisis, even though the company maintained a good outlook on the outside.