The world’s leading crypto exchange, Binance CEO Changpeng Zhao recently spoke about the present crypto downfall, comparing it with the 2008 financial crisis. Changpeng Zhao, also known as CZ, has claimed that the crypto industry will be facing devastating effects due to FTX collapse. He is of the opinion that many crypto projects might end up getting into serious trouble which will take them weeks together to get out of the situation.
CZ compares the insolvent FTX platform to lead investment bank Lehman Brothers which collapsed during the 2008 financial crisis. The 2008 financial crisis was the major reason for Lehman downfall, which wasn’t expected. Now, with FTX collapse it is expected to push away crypto investors.