'Over the past week, we’ve learned that Binance has experienced billions in net withdrawals as distrust swells and uncertainty around the firm’s financial health looms larger,' says GRDecter grit_capital. Opinion. Binance
Genevieve Roch-Decter is the CEO of Grit Capital and writes the number #1 finance newsletter on Substack. A CFA, she is a former $100M-plus portfolio manager.In reality, everything is most definitely Not Fine.
That $2.1 billion payment, according to Binance CEO Changpeng “CZ” Zhao, was received through a combination of BUSD, BNB, FTT and IOUs .In an interview this week, CZ told CNBC's"Squawk Box" anchors that, in fact, a “good chunk” of that payment was received in FTT – which, lest we forget, is now aggressively less valuable than an IOU – and that up until recently he had “actually forgot” about some $580 million FTT that Binance had left over from the transaction.
You see, in the eyes of the bankruptcy proceedings, transactions made by FTX to outside entities may be considered fraudulent conveyances. It turns out the accounting firm that was assisting with that, Mazars Group, quite literally pulled the plug on the endeavor, effectively terminating the partnership by deleting the website containing the exchange’s proof of liabilities .Of course, that wouldn’t be an issue if Binance were to simply employ the services of a Big 4 accounting firm, as the CNBC anchors suggest it ought.
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