“Everyone Saying Binance Is Invincible Probably Said The Same About FTX,” States Avorak Team

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It’s no secret that the crypto market is highly volatile, and crashes can occur anytime. Whether it’s a stablecoin, a company, or an exchange, any entity within the crypto industry is bound to fail unexpectedly as regulators continue their crackdowns.

For instance, in late 2022, FTX, one of the biggest crypto exchanges, crashed, causing billions of losses to investors. The crash sent shockwaves across the industry, which had just suffered the loss of the Terra ecosystem the same year.

The failure of FTX was allegedly caused by the mismanagement of funds by the company’s executives, led by former CEO Sam Bankman-Fried, who was accused of fraud and mixing consumer funds. This debacle sent Bitcoin down to $17k as the bear market took over.

Recently, Binance, one of the world’s largest crypto exchanges, got into trouble with the US Securities and Exchange Commission (SEC). The financial watchdog accused the exchange and its CEO CZ, of mishandling customer funds. According to the Avorak Team, everyone saying Binance is invincible probably said the same about FTX.

Binance News Surface Mid Regulatory Pressure

The SEC accused Binance of mixing “billions of dollars” in customer funds and moving them to another company under Binance CEO Changpeng Zhao (CZ). CZ is reported to have moved the funds to Merit Peak Limited, a company he controls.

After the accusations, crypto community members quickly compared FTX and Binance on the allegations of mixing consumer funds. As a result, the exchange’s subsidiary, Binance.US’s market depth declined over 78%, while its market share dropped below 1%.

Avorak AI Assures Customers of Security and Transparency

Avorak AI is a new AI-powered blockchain that uses artificial intelligence to revolutionize the crypto industry. The Avorak team believes in building trust through the transparency and security offered by the blockchain.

Avorak AI leverages artificial intelligence to provide secure and efficient solutions that empower users with the tools they need to navigate the volatile crypto industry. The project has its native token, AVRK, which fuels transactions and is used to reward users who participate in the project’s development.

Users who purchase AVRK will have access to the Avorak AI tools, including Avorak Trade, an AI trading bot that automates trades on behalf of users. Avorak Trade can also monitor the market and alert trades in case of changes in trends or patterns, such as the decline in Binance.US market shares. The tool notifies traders of such occurrences, allowing them to make the right timely decisions to avoid losses.

Avorak AI is currently in phase 8 of its Initial Coin Offering (ICO), and users who purchase AVRK in this phase will get an additional 3% bonus. Additionally, the team has initiated a bonus giveaway program for purchases from the 30th of June onwards, with bonuses of up to 1003%. Avorak has successfully passed comprehensive audit scrutiny by two well-known auditing firms, Cyberscope and SolidProof. The two audit reports are online or on the project’s whitepaper.

Conclusion

No crypto company is immune to the crypto industry’s challenges, including regulatory uncertainty. Binance, one of the world’s largest crypto exchanges, is currently treading on thin ice as it seems to be following the path of defunct exchange FTX.

Avorak AI, however, assures its customers of security and transparency, along with offering them tools that help them avoid falling prey to shady projects. Using Avorak’s tools, traders can monitor the market easily and make profit-making decisions.

Learn more about Avorak AI on:

Website: https://avorak.ai

Buy AVRK: https://invest.avorak.ai/register