Billions of Dollars Missing from US Banks, CryptoQuant CEO Reacts
The Economist recently shared a news piece that reveals that hundreds of billions of dollars are missing from American banks. Binance CEO Changpeng Zhao shared the news on Twitter. CryptoQuant CEO Ki Young Ju couldn’t keep calm as he replied to the tweet, sharing his thoughts.
_____ are missing $ _____ of client funds.
No surprises if you insert any other name here, except for the ones that do not use client funds or have Proof-of-Reserves.
— Ki Young Ju (@ki_young_ju) March 23, 2023
Ki commented on the tweet, asking people to call out the banks from which the client funds are missing. He also stated that he wouldn’t be surprised if they inserted the name of any bank, except for the ones that don’t use client funds or have proof of reserves.
CryptoQuant’s CEO has been quite vocal against banks amidst the bank runs. He recently dropped a tweet speaking of the coordinated effort by central banks to help with US dollar liquidity.
Ki has requested that individuals who have faith in the US dollar system contemplate three scenarios. Firstly, he proposed a hypothetical situation where cryptocurrency exchanges allocate all client funds toward shitcoin. Secondly, he urged them to envision a scenario where Satoshi Nakamoto generates an infinite amount of bitcoins to rescue these exchanges.
The statement comes amidst a time when banks are going through a fair share of turmoil, with client funds missing and top US banks collapsing. Despite all the chaos, the cryptocurrency market was up and running.
Amidst all this, the SEC has also tightened its scrutiny of the cryptocurrency realm. The SEC sued Tron founder Justin Sun on the grounds of fraud and market manipulation, alongside other celebrities, including Jake Paul, for promoting it.
