The live question-and-answer sessions on Monday morning were held to assure investors that the exchanges won't be the same as FTX.
FTX, which used to be the world's largest exchange by volume, filed for Chapter 11 protection. When the crash happened, investors were concerned about the safety of their funds, so the exchanges are trying to be as transparent as possible.
Changpeng "CZ" Zhao said that the company doesn't have any liability. The business we run is very simple. We don't owe anyone a dime, we don't have debt, and we don't have loans. He said that the business is self-contained and that the funds never left the platform.
There was an increase in withdrawals over the weekend after it was revealed that it accidentally transferred $400 million to another exchange. Kris Marszalek says that the platform is doing business as usual. People are depositing and withdrawing money. There is a lot of normal activity. The company never took any third-party risks and doesn't engage in irresponsible lending practices.
The company posted a glimpse at its reserves last week, which drew criticism from investors because they realized the company holds more Shiba Inu, a meme coin that is worth a fraction of a cent, than ether.
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