News Formal

Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto Crash

  • 📰 Forbes
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 53%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Binance will reportedly back out of its agreement to buy rival cryptocurrency exchange FTX, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion, taking down the value of digital assets with it.

last Wednesday that Alameda Research, Bankman-Fried’s crypto trading firm closely linked to FTX, largely held its assets in FTX’s coin.

Though Bankman-Fried called concerns about his companies’ finances “unfounded rumors” Monday, users flooded FTX with withdrawal requests and piled out of the FTX coin, with the token falling some 86% since Sunday, and falling from its $14 billion market capitalization in March to a mere $825 million.Bankman-Fried, with bitcoin, ethereum and shares of exchange Coinbase each falling 20% or more since Sunday.$176 billion.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I want to learning cryptocurrency. Could you please send me the cryptocurrency learn package details at your earliest. Thanks and regards. Gamage

cz_binance, you cunt!

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crypto Markets Lost $70B Amid Binance-FTX Drama (Market Watch)FTX's native cryptocurrency is among the poorest performers today, following the recent drama with Binance.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

FTX and Binance beef bothers crypto market, bitcoin plunges below $20,000FTX and Binance look set to be the main event while traditional markets brace for economic indicators.
Source: TheBlock__ - 🏆 464. / 53 Read more »