Top-level crypto analyst Adam Cochran recently changed his view on the potential collapse of Binance, the world’s largest cryptocurrency exchange. Initially, Cochran believed that the crypto market would quickly recover after the potential collapse of the giant crypto exchange. However, he changed his prediction referring to an unconfirmed information he heard.
New Claim on the Potential Collapse of Binance
Experienced crypto analyst Adam Cochran revised his view on the potential collapse of Binance, warning that the consequences could be much more severe and lasting than he previously thought. Cochran even went as far as to suggest that Binance’s CEO Changpeng Zhao could spend the rest of his life behind bars.
Known for issuing protective warnings for the users of the crypto exchange before FTX’s bankruptcy, Cochran added that he forwarded the information he received to journalists for verification. Although the information has not been confirmed yet, this new information caused him to change his view that everything would be back on track after a major collapse in the crypto market.
In his tweet, Cochran emphasized the seriousness of the situation, stating that if the information turned out to be true, a major disaster would occur. He said, “If this information is not true, everything will probably be fine over time. But if the information is true, we will go to zero and we will have to rebuild everything over time.” Cochran’s tweet highlights the close relationship between the future of Binance and the future of the cryptocurrency market.
Resignation of CEO of Binance.US
In addition to the uncertainty surrounding Binance, the CEO of Binance’s US arm, Binance.US, Brian Shroder, recently announced his resignation. Norman Reed, the company’s Chief Legal Officer, will temporarily replace Shroder. Binance.US also reported that it laid off more than 100 employees, accounting for about one-third of its workforce. These changes and the resignation of Binance.US’s top executive are following the lawsuit filed by the US Securities and Exchange Commission (SEC), which significantly reduced Binance.US’s market share.
Although Binance.US has always been claimed to be managed separately from the global side, a news article published in the Wall Street Journal earlier this year stated that both crypto exchanges are closely interconnected.
Experts are closely monitoring developments surrounding Shroder’s resignation and the layoffs of over 100 employees at Binance. Based on these changes, it is being questioned whether Binance is facing deeper, systemic challenges both in the US and globally.
