El Salvador Denies Holding Bitcoin in Embattled FTX

November 12, 2022

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El Salvador Denies Holding Bitcoin in Embattled FTX

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Following the collapse of the FTX cryptocurrency exchange, rumors spread across the crypto industry that El Salvador has lost its Bitcoin holding in the FTX collapse.

Sequel to the rumor, El Salvador’s President Nayib Bukele has cleared the air by assuring his constituents that the country has no Bitcoin in the bankrupt FTX exchange.

This was disclosed on Thursday by the CEO of Binance, Changpeng Zhao on Twitter, in the tweet, CZ said he’s spoken with the President Bukele on whether the country is holding its Bitcoin in the troubled FTX exchange, according to CZ, President Bukele said the country holds no Bitcoin in the insolvent FTX.

Man, the amount of misinformation is insane.

I exchanged messages with President Nayib a few moments ago. He said "we don’t have any Bitcoin in FTX and we never had any business with them. Thank God!" https://t.co/CrM5wd24Ha
— CZ ???? BNB (@cz_binance) November 10, 2022

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Who Sparked the Rumor?

After the collapse of FTX, rumors started spreading across the crypto space about El Salvador losing its Bitcoin due to the FTX crash, but the rumor was sparked by the CEO of Galaxy Digital, Mike Novogratz in an interview with CBNC where he asked whether or not El Salvador is holding its Bitcoin in the insolvent FTX.

However, after the tweet by Binance’s CEO regarding the rumor, Novogratz apologized to President Bukele and the citizens of El Salvador at large, saying that he ought to have confirmed the news before questioning Bukele.

Apologies to @nayibbukele and the people of El Salvador. I fell for ‘fake news’ and while I mentioned I hadn’t confirmed it, I should have.

Thanks @cz_binance for pointing it out.

I am a huge fan of what you are doing in El Salvador.
— Mike Novogratz (@novogratz) November 10, 2022

Last year, El Salvador announced that it is making Bitcoin a legal tender in the country, a move that was criticized by several institutions in the US, since then, the country has been boasting of holding a significant amount of Bitcoin, although the quantity of Bitcoin it is holding is not yet known.

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