Crypto investors rattled as Binance abandons its proposed acquisition of rival FTX

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” according to a tweet by Binance’s official account Wednesday.

“Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance wrote. Executives at Binance have found a gap, likely in billions and possibly more than $6 billion, between the liabilities and assets of FTX, Bloomberg reported Wednesday, citing an anonymous source familiar with the matter.On Tuesday, Changpeng Zhao, Binance’s chief executive, said the exchange had signed a letter of intent to acquire FTX.com, a separate entity from FTX.US, after FTX “asked for help.

That's only the safe thing to do, the Easter bunny is more stable and makes more money than crypto ( in it's present state)

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