Changpeng "CZ" Zhao wants everyone to know that it's normal for people to withdraw money from the exchange.
After the world's largest exchange halted withdrawals of the USDC "stable coin" on Tuesday, and after it was reported that federal prosecutors were weighing criminal charges against the exchange and its executives, CZ said things seem to have "stability."
TheUSDC coin was halted for about eight hours to start a token swap. The move prompted twitchy customers to withdraw over $3 billion, according to the firm.
"We're seeing the money flowing back already," Zhao said in a discussion on Wednesday on the social networking site. The CEO of the company said there were some withdrawals but they were normal market behavior.
Last month, when FTX crashed and burned, revealing a whole mess of interpersonal drama and alleged financial crimes, it was an especially rough time for the industry.
The arrest of FTX founder Sam Bankman-Fried in the Bahamas this week was the culmination of the aftermath of the crash.
Due to its deep connections in the industry, the FTX collapse has rattled the entire industry and taken down several other players with it, and now its fate is in the hands of the US government.
SBF and Ellison were accused of having a secret group chat called "Wire fraud".
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