As most cryptocurrencies suffered heavy losses following the collapse of FTX last week, Trust Wallet Token bucks the trend, growing 58% over the last 24 hours.
Since Nov 7, Trust Wallet Token increased in value by 113% to lead the top 100 tokens. This run of form has resulted in a new all-time high of $2.48 on Nov. 14.
The market continues reeling from the FTX scandal
Following a run on FTX last week, the disgraced crypto exchange filed for Chapter 11 bankruptcy on Nov. 11.
Multiple allegations of irresponsible investing practices, and worse, have been uncovered by internet detectives throughout this period. A $650 million hack on Nov. 12, suspected of being an inside job, dealt a further blow to the platform’s users.
Although the exact size of FTX’s black hole is not known at this time, many still consider the scandal the biggest in crypto history due to the apparent facade of legitimacy presented.
Speculating on the company’s financial shortfall, CNBC Anchor Brian Sullivan said the group’s total liabilities might amount to $50 billion, which, if so, would dwarf Enron’s liabilities by a factor of more than two.
FTX bankruptcy shows the company had 134 affiliates spread across the globe and may have liabilities of up to $50 billion.
Enron had liabilities of $23 billion.
FTX may be worse than Enron.
— Brian Sullivan (@SullyCNBC) November 11, 2022
Enron declared bankruptcy in Dec. 2001 amid an accounting scandal that overstated revenue, hid debt, and pumped the valuation of toxic assets. Along with Lehman Brothers, Enron is considered one of the most significant corporate misconduct cases to shake the world.
Trust Wallet endorsed by Binance
Commenting on the situation, Binance CEO Changpeng Zhao tweeted about the importance of crypto self-custody, calling it “a fundamental human right.” He later endorsed Trust Wallet.
Self custody is a fundamental human right.
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech/tools first.
Mistakes here can be very costly.
— CZ ? Binance (@cz_binance) November 13, 2022
Binance acquired Trust Wallet in July 2018 in a bid to expand on-chain mobile wallet functionality to the company’s list of services.
“Binance’s acquisition of Trust Wallet shows the importance of secure wallet technology for the future development of cryptocurrency as a whole.”
Trust Wallet Token (TWT) is the wallet’s native BEP-20 utility token. It enables token holders to take part in governance procedures regarding app features and updates and discounts on in-app purchases.