In one of the largest and fastest market crashes of the year, $132 billion has been wiped out of crypto assets. What is more remarkable is that this has happened over the past 12 hours.

Star Xu, founder of the OKX exchange, has taken to Twitter to express his concerns about the war between Binance and FTX – the two largest crypto exchanges in the crypto space. "FTX-Binance conflict may hit the whole space" He stated that if FTX Token (FTT) becomes the new LUNA, meaning that the latter hits the crypto market so hard that Bitcoin and altcoins plunged, there would not be a single player in the space who would be able to benefit from it, including Binance. Customers and, what is most important, the regulators, would lose confidence in crypto, Star Xu stressed in his tweet. He believes the only way out of this is to get CZ to stop selling the FTT bags of Binance and strike a new deal with FTX co-founder Sam Bankman Fried.