Cryptocurrency markets nursed heavy losses, with bitcoin struggling to recover from a two-year low as investors fretted about the fallout from the implosion of crypto exchange FTX and the future of the industry
from a bailout of FTX on Wednesday. FTX head Sam Bankman-Fried said he was "exploring all the options", but fading hopes for rescue left FTX teetering. A message on the FTX website said: "FTX is currently unable to process withdrawals. We strongly advise against depositing."
Binance backed out of a non-binding offer to buy FTX after due diligence. Another exchange that declined to step in was OKX, which said it was also approached by Bankman-Fried this who described liabilities of $7 billion that needed covering fast. "A top exchange failing - that's on a different level," said Danny Chong, CEO of decentralised finance firm Tranchess, with potentially wider ramifications than the failure of stablecoin TerraUSD and crypto hedge fund Three Arrows Capital this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto CrashBinance 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.
Read more »
Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto CrashBinance will back out of its agreement to buy rival cryptocurrency exchange FTX, Binance said Wednesday afternoon, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion.
Read more »
Crypto giant Binance is buying its rival FTX following a very public dispute | EngadgetCrypto giant Binance is buying its rival FTX following a very public dispute
Read more »
'Pharma Bro' Martin Shkreli to LUNA's Do Kwon: 'Jail Is Not That Bad''Pharma Bro' Martin Shkreli offered some words of comfort to stablekwon on UpOnlyTV on Tuesday: 'Jail sucks, but it's not the worst thing ever.' cheyenneligon reports
Read more »
Bitcoin losses continue after Binance quits FTX dealBitcoin's Wednesday losses continued amid news that Binance will not buy the beleaguered crypto exchange FTX.
Read more »
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.
Read more »