Binance, Tether to Solana, After FTX Fall, These Crypto Entities Are Grabbing the Spotlight

tech.hindustantimes.com:

Sam Bankman-Fried's arrest in the Bahamas pending a possible extradition to the US opens a fresh chapter in efforts to untangle whether his crypto empire was built using fraudulent methods.

Regardless of the outcome, the demise of his digital-asset exchange FTX continues to shake the wider crypto market's foundations.

Skittish investors are pulling money out of rival exchanges, fearful of having their assets stuck should any of those venues collapse. At least one major crypto firm has filed for bankruptcy in the wake of FTX's unraveling, while two others were forced to suspend some withdrawals. A decentralized lending project has been rocked by a large default.

Below is a list of crypto companies and projects that are grabbing the spotlight as investors try to assess where vulnerabilities in the roughly decade-old industry could appear next.

With FTX gone and Bankman-Fried in a cell, Binance — personified by outspoken CEO Changpeng “CZ” Zhao — looms as the giant of the crypto industry. The exchange, which has licenses to operate in jurisdictions around the world but no formal headquarters, boosted its market share to more than 52% in spot trading, according to data from CryptoCompare. But while it's benefited from some extent from FTX's implosion, Binance has also been affected by the overall hit to investor confidence. Withdrawals totaled some $1.14 billion “today,” according to a tweet from Zhao posted Tuesday morning, New York time. Data from research firm Nansen, compiled earlier that same day, found that net outflows of digital assets from Binance amounted to roughly $3.7 billion over the past week. Nansen estimates that Binance has around $60 billion in assets.

Tether's stablecoin USDT is a key pillar of the crypto