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Changpeng Zhao Addresses Bitcoin Skeptics as BTC Hits New High

Changpeng Zhao discusses Bitcoin's all-time high and legal challenges with FTX, urging risk management in crypto investments.
Published on 2024-11-12

Bitcoin Reaches a New All-Time High

Bitcoin, the leading cryptocurrency, recently achieved a new all-time high, reaching $89,956. This surge, marking a nearly 10% increase in just a day, highlights Bitcoin's ongoing strength in the crypto market. Changpeng Zhao, co-founder and former CEO of Binance, took to social media to comment on this milestone. He referenced a list of notable Bitcoin skeptics, implying that those who doubted Bitcoin's potential should reconsider their stance.

Changpeng Zhao's Advice on Risk Management

Zhao has consistently emphasized the importance of risk management in cryptocurrency investments. He advises investors to prepare for potential fluctuations, warning against excessive greed. Zhao's guidance includes diversifying investments to mitigate risk, encapsulated in the adage, "Don’t put all your eggs in one basket." This approach is crucial as Bitcoin is expected to experience further highs and potential setbacks.

Legal Challenges Between FTX and Binance

Amidst Bitcoin's price surge, Binance and Zhao are facing legal challenges from FTX. The non-operational crypto exchange, along with its current management, has filed a lawsuit against Binance and Zhao, seeking to recover $1.8 billion. FTX claims these funds were fraudulently transferred by Sam Bankman-Fried in a deal involving FTX's shares. The lawsuit alleges that FTX and its trading company Alameda Research were insolvent during the transaction, rendering it fraudulent.

The legal dispute also includes accusations against Zhao for allegedly posting misleading information about FTX prior to its collapse in November 2022. These developments underscore the ongoing complexities and legal intricacies within the cryptocurrency industry.

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