Gravity of ‘not your keys, not your coins’ hits home as Trust Wallet spikes 113% to new ATH

As astir cryptocurrencies suffered dense losses pursuing the illness of FTX past week, Trust Wallet Token bucks the trend, increasing 58% implicit the past 24 hours.

Since Nov 7, Trust Wallet Token accrued successful worth by 113% to pb the apical 100 tokens. This tally of signifier has resulted successful a caller all-time precocious of $2.48 connected Nov. 14.

Source: TWTUSDT connected TradingView.com

The marketplace continues reeling from the FTX scandal

Following a tally connected FTX past week, the disgraced crypto speech filed for Chapter 11 bankruptcy connected Nov. 11.

Multiple allegations of irresponsible investing practices, and worse, person been uncovered by net detectives passim this period. A $650 million hack connected Nov. 12, suspected of being an inside job, dealt a further stroke to the platform’s users.

Although the nonstop size of FTX’s achromatic spread is not known astatine this time, galore inactive see the ungraded the biggest successful crypto past owed to the evident facade of legitimacy presented.

Speculating connected the company’s fiscal shortfall, CNBC Anchor Brian Sullivan said the group’s full liabilities mightiness magnitude to $50 billion, which, if so, would dwarf Enron’s liabilities by a origin of much than two.

FTX bankruptcy shows the institution had 134 affiliates dispersed crossed the globe and whitethorn person liabilities of up to $50 billion.

Enron had liabilities of $23 billion.

FTX whitethorn beryllium worse than Enron.

— Brian Sullivan (@SullyCNBC) November 11, 2022

Enron declared bankruptcy successful Dec. 2001 amid an accounting ungraded that overstated revenue, hid debt, and pumped the valuation of toxic assets. Along with Lehman Brothers, Enron is considered 1 of the astir important firm misconduct cases to shingle the world.

Trust Wallet endorsed by Binance

Commenting connected the situation, Binance CEO Changpeng Zhao tweeted astir the value of crypto self-custody, calling it “a cardinal quality right.” He aboriginal endorsed Trust Wallet.

Self custody is simply a cardinal quality right.
You are escaped to bash it astatine immoderate time.
Just marque definite you bash do it right.
Recommend commencement with tiny amounts to larn the tech/tools first.
Mistakes present tin beryllium precise costly.
Stay #SAFU

— CZ Binance (@cz_binance) November 13, 2022

Binance acquired Trust Wallet successful July 2018 successful a bid to grow on-chain mobile wallet functionality to the company’s database of services.

“Binance’s acquisition of Trust Wallet shows the value of unafraid wallet exertion for the aboriginal improvement of cryptocurrency arsenic a whole.”

Trust Wallet Token (TWT) is the wallet’s autochthonal BEP-20 inferior token. It enables token holders to instrumentality portion successful governance procedures regarding app features and updates and discounts connected in-app purchases.

The station Gravity of ‘not your keys, not your coins’ hits location arsenic Trust Wallet spikes 113% to caller ATH appeared archetypal connected CryptoSlate.