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Binance pulls out of FTX merger, sending cryptocurrency prices plunging
Source: The Guardian
Cryptocurrency prices plunged for a second straight day on Wednesday after crypto exchange platform Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading.
Bitcoin sank to a two-year low after Binance confirmed earlier rumors and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday. The deal was pending Binances due diligence on FTXs balance sheet.
After an initial review, Binance said in a statement Wednesday that it had significant concerns that convinced it to back out of the deal.
In the beginning, our hope was to be able to support FTXs customers to provide liquidity, but the issues are beyond our control or ability to help, Binance said in a statement.
Bitcoin sank to a two-year low after Binance confirmed earlier rumors and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday. The deal was pending Binances due diligence on FTXs balance sheet.
After an initial review, Binance said in a statement Wednesday that it had significant concerns that convinced it to back out of the deal.
In the beginning, our hope was to be able to support FTXs customers to provide liquidity, but the issues are beyond our control or ability to help, Binance said in a statement.
Read more: https://www.theguardian.com/technology/2022/nov/09/ftx-binance-merger-crypto-price-falls
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Binance pulls out of FTX merger, sending cryptocurrency prices plunging (Original Post)
brooklynite
Nov 2022
OP
Orrex
(63,218 posts)1. Her song "Irreplaceable" is among my favorites
2naSalit
(86,691 posts)3. And why was she getting involved with cryto?
Orrex
(63,218 posts)4. Bills Bills Bills
GoneOffShore
(17,340 posts)5. The only comment I can make
LittleGirl
(8,287 posts)6. ha ha ha
sorry, I can't help myself. LOL LOL LOL LOL
ancianita
(36,126 posts)7. FTX's CEO is Sam Bankman-Fried, a young guy and was one of Democrats' big billionaire donors.
But now he's no longer a billionaire.
https://en.wikipedia.org/wiki/Sam_Bankman-Fried
Eugene
(61,919 posts)8. Cryptocurrency exchange FTX now worthless, says key investor
Cryptocurrency exchange FTX now worthless, says key investor (The Guardian)
https://www.theguardian.com/technology/2022/nov/10/cryptocurrency-exchange-ftx-now-worthless-says-key-investor
Sequoia writes-off over $200M FTX investment as worthless (Cryptoslate)
https://cryptoslate.com/sequoia-writes-off-over-200m-ftx-investment-as-worthless/
https://www.theguardian.com/technology/2022/nov/10/cryptocurrency-exchange-ftx-now-worthless-says-key-investor
Sequoia writes-off over $200M FTX investment as worthless (Cryptoslate)
https://cryptoslate.com/sequoia-writes-off-over-200m-ftx-investment-as-worthless/
Link to tweet
dchill
(38,511 posts)9. That's very cryptic, isn't it?