Billionaire Mark Cuban has warned that the next crypto implosion could come from wash trades. cryptocurrency FTX
Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, has warned that the next crypto implosion could come from “the discovery and removal of wash trades” on centralized exchanges. The billionaire’s comments followed the collapse of crypto exchange FTX which wiped out billions of dollars of customer funds.Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, shared his thoughts on the next crypto implosion with The Street, published Friday.
“There are supposedly tens of millions of dollars in trades and liquidity for tokens that have very little utilization,” Cuban emphasized. “I don’t see how they can be that liquid.”Wash trading has long been a concern with cryptocurrency exchanges attempting to inflate their trading volumes. Wash trades are among the manipulative practices prohibited by the Securities and Exchange Commission , and regulators worldwide are increasingly cracking down on wash trading involving cryptocurrencies.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wash trading will cause crypto’s next implosion: Mark CubanAs if 2022 wasn’t bad enough for the crypto industry, wash trading scandals could cause even more damage in 2023, according to billionaire investor and Shark Tank star Mark Cuban.
Read more »
Cuban migrants arrive in Florida to uncertain futureCuban migrants are still arriving by boat in the Florida Keys even as the Biden administration promises a crackdown.
Read more »
Influx of Cuban and Haitian migrants reach Florida KeysFederal and local authorities are grappling with a brewing crisis as hundreds of migrants from Cuba and Haiti have made the dangerous voyage by sea to the Florida Keys.
Read more »
‘A Very Deadly Woman': Ana Montes, Cuban's Top Spy in the US, to Leave PrisonA woman who infiltrated the U.S. intelligence community and spent years spying for Cuba’s Castro regime is set to be released from prison this month.
Read more »