The CEO of crypto asset manager Wave Financial said that more crypto exchanges are likely to crash.
With over $1 billion in assets under his management, the crypto asset manager managed to survive the collapse of FTX without losing customers. It has now warned of potential risks associated with other exchanges.
Wave Financial CEO Speaks About Stock Markets
David Siemer, CEO of the company, said:
FTX filed for bankruptcy protection in November, leaving hundreds of thousands of customer assets on the exchange. US prosecutors charged former CEO Sam Bankman-Fried last week with fraud and money laundering.
Regarding the customer, Siemer said:
Siemer said his company’s approach to risk helped them maintain their balance sheet in a bear market.
The asset manager was among the companies bidding for the assets of Voyager Digital, which went bankrupt in July.
Siemer also said the following about Binance: