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FTX vs Binance: CZ subtly criticises FTX by mentioning trade jitters

In an August 20 tweet, Changpeng “CZ” Zhao, CEO of crypto exchange Binance, expressed worry for traders after learning about the known issue of trading jitters on one crypto exchange. He stated that this was a new word learned by him and that the term was coined by traders. CZ has not targeted any of the specific crypto exchanges mentioned in his tweet. However, the Twitter community felt it was a jab at FTX, a crypto exchange headed by Sam Bankman-Fried. In the response to the Twitter community, CZ responded that the crypto community was already aware of it and didn’t say anything. We all must combat the bad actors. 

Jitters 

Jitters in crypto transactions refer to a trading incident in which a trader’s order (buy or sell) becomes trapped and goes down the list, enabling subsequent orders to execute.

Discussion on CZ tweet

Furthermore, CZ has also tweeted that he approached VIP traders on Binance, who reportedly verified knowledge of the ongoing illegal trade activity. 

FTX receives FDIC order

As reported by Cryptoshrypto, the FDIC had claimed that FTX US and four other crypto companies had deceived investors by saying that their products were FDIC-insured. The FDIC has filed a stop and cease order against these five crypto-organizations. In response to the FDIC claims, FTX US president Brett Harrison has removed a tweet in which the company has made claims about its products being FDIC insured. 

In parallel to the aforementioned events, FTX has apparently begun barring accounts that have sent cryptocurrencies using zk.money, an Ethereum-based private layer-2 chain supplied by the Aztec Network.

Read More at CryptoShrypto:

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