The latest in a “truly devastating” year for the crypto industry: the collapse of the deal between FTX and cryptocurrency exchange Binance.
The proposed deal between Mr. Bankman-Fried and rival Binance Chief Executive Officer Changpeng Zhao had been the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets in the wake of rising interest rates. The cryptocurrency market has fallen by about two-thirds from its peak to $1.07 trillion.
“I’m working, as quickly as I can, on next steps here. I wish I could give you all more clarity than I can,” said Mr. Bankman-Fried, who is from California but lives in the Bahamas where FTX is based, in a message to FTX employees seen by Reuters. “I’ll keep fighting for those , as best as I can, as long as it’s correct for me to. I’m exploring all the options.”
In a later message to staff, seen by Reuters and sent around 6pm Eastern Time , Mr. Bankman-Fried said: “I will post many more updates tonight, I promise.”FTX.com is also facing scrutiny from US regulators over its handling of customer funds, as well as its crypto-lending activities. The US Securities and Exchange Commission is investigating crypto exchange FTX.
After rapid growth in 2020 and 2021, bitcoin is down more than 60% in 2022 and was last off 13% on the day at $16,277.Investors in FTX have been hurt by the turmoil. Sequoia Capital said while its exposure to FTX is limited, it marked its investment down to zero.
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