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Shark Tank star and owner of NBA team Dallas Mavericks, Mark Cuban, said the next cryptocurrency implosion could result from discovery and deletion of wash trades on centralized exchanges. I warned you there is. The billionaire’s comments follow the collapse of crypto exchange FTX, which wiped out billions of dollars in customer funds.
Shark Tank star and owner of the NBA team Dallas Mavericks, Mark Cuban, shared his thoughts on the next cryptocurrency implosion in The Street, published Friday. Billionaire said:
I think the next implosion possibility is the discovery and removal of wash trades on the central exchange.
There are probably tens of millions of dollars in trading and liquidity for little-used tokens, Cuban stressed. “I don’t know how it can be so liquid”
However, the Shark Tank star admitted, “I have no concrete information to support my speculation.”
Wash trading has long been a concern for cryptocurrency exchanges looking to inflate trading volumes. Wash trading is one of the manipulative practices prohibited by the Securities and Exchange Commission (SEC). Regulators around the world are increasingly cracking down on wash trading involving cryptocurrencies.
Kim Grauer, research director at blockchain analytics firm Chainalysis, said last September that wash trading in the crypto space is currently trying to understand how this should be regulated and what is illegal. It’s a very gray area,” he said.
The crypto industry is also suffering from the aftermath of the collapse of crypto exchange FTX. bankruptcy in November. Former FTX CEO Sam Bankman-Fried (SBF) has been indicted on multiple fraud charges. However, he has pleaded not guilty to these charges.
Cuban said in November that if he were Bankman-Fried, he would “be afraid.” go to jail a long time. ” He stressed: Former Dallas Mavericks billionaire owner explained The most recent blast in the crypto space, including the FTX implosion, was a “bank blast” rather than a “cryptocurrency blast”.
shark tank star is bitcoin good investmenthe called gold investors “stupid”.he also said that he invest in crypto He expects smart contracts to have a “great impact on the creation of valuable applications.”
Do you think Mark Cuban is right about the next crypto implosion through wash trading on centralized exchanges? Let us know in the comments section below.
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