CNBC: Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse
* Binance is backing out of its plans to acquire FTX, the company said Wednesday.
* “The issues are beyond our control or ability to help,” Binance said in a tweet.
* FTX, which was valued at $32 billion earlier this year, is now in jeopardy of collapsing.
Binance is backing out of its plans to acquire FTX, the company said Wednesday, leaving Sam Bankman-Fried’s crypto empire on the verge of collapse.
The reversal comes one day after Binance CEO Changpeng Zhao announced that the world’s largest cryptocurrency firm had reached a nonbinding deal to buy FTX’s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis.
Earlier this year, FTX was valued at $32 billion by private investors.
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WNU editor: This is what a run on a bank looks like. But in this case it was done on a the world's second largest crypto exchange.
FTX is finished. No one is going to trust them after this. And they certainly will not trust Sam Bankman-Fried.
It should also be added that this impacts a lot of Americans .... 14% of Americans Own Crypto Right Now – Here’s Who’s Actually Doing It Right (GoBankingRates).
This is also a huge blow to the Democrat party in the U.S.. FTX CEO Sam Bankman-Fried is one of their biggest donors .... Sam Bankman-Fried’s $16 Billion Fortune Is Eviscerated in Days (Bloomberg).
Update: No kidding .... SBF Issues Mea Culpa: "I'm Sorry... I F**ked Up" As Alameda Research Winds Down Trading (Zero Hedge).
Crypto Assets In Chaos
Cryptocurrency exchange FTX now worthless, says key investor -- The Guardian
Crypto giant Binance drops bid to save rival, stoking chaos in digital assets -- CNN
FTX is crypto's most crushing crash -- Axios
EXCLUSIVE Behind FTX's fall, battling billionaires and a failed bid to save crypto -- Reuters
3 comments:
Let them invest in Lotto
Tulip bulbs! Let me tell you about tulip bulbs. It’s a can’t miss investment.
Turns out that fractionalizing crypto always fails the same way it inevitably does with fiat currency.
Anyone foolish enough to put their wealth in a crypto instrument instead of actual crypto deserves to lose their money. It's like burning down the ship and then wanting to light a fire on the rescue boat. You know you shouldn't do it, you know what just happened to the last boat, but the RETURNS that the fellow with the curly hair promised? Who can resist!
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