The fall of the FTX and Alameda house of cards built atop a seemingly innocuous token — FTT — has raised skepticism about centralized exchanges and the tokens that they issue. Attention was first turned to Binance, BNB, and BUSD; as a result, BUSD’s market cap fell from $23.5bn to $16.5bn in just 90 days, though Binance has seemingly passed its stress test. Attention has now turned to Gemini, Genesis, and Digital Currency Group (DCG).
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