FTX is headed toward bankruptcy without a cash infusion. Source
SBF Warns FTX Investors of Bankruptcy Without More Cash: Bloomberg
Tag: FTX
FTX Website Experiences Temporary Outage, Warns Users Not to Make Deposits
While FTX US’s website is currently functioning fine, other websites associated with the struggling exchange have gone dark in the wake of its liquidity crisis and subsequent news that it would potentially be acquired by Binance – a plan that was scrapped on Wednesday after Binance walked away from the deal, citing “issues are beyond our control or ability to help.” Source
Binance Backs Out of FTX Acquisition, Cites Crypto Exchange’s Balance Sheet and Pending US Investigations
Global crypto giant Binance says it’s decided not to acquire the embattled digital asset exchange FTX. In a series of tweets, Binance lays out its reasoning for rapidly deciding not to pursue the deal. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX. In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are…
FTX Blowup Puts Trove of Prized Bored Apes at Risk of Liquidation
Yuga Labs, the NFT collective behind the majority of tokens held in the crypto empire’s wallet, has previously raised capital from FTX Ventures, though Alameda Research is in control of the wallet. Source
With FTX Bloodied, Rival in US Regulatory Fight Adds Another Knife
An old-guard rival of FTX from the derivatives markets sought to drive a stake through its heart as the crypto company struggled to save itself from financial disaster on Wednesday. A subsidiary of Cboe Global Markets Inc. sent a letter on Wednesday to its customers – addressed as the “crypto community” – reminding them of its own customer-protection practices. Source
Binance Backs out of FTX Deal Citing ‘Due Diligence,’ Reports of ‘Mishandled Customer Funds’ – Bitcoin News
The world’s largest cryptocurrency exchange Binance will not go through with purchasing the rival crypto exchange FTX. The company noted that after due diligence and “news reports regarding mishandled customer funds,” Binance has decided not to pursue the FTX acquisition. Binance Drops the FTX Acquisition After the crypto exchange Binance revealed it would purchase FTX, the exchange has detailed it has backed out of the proposed deal. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations,…
Binance Pulls Out OF FTX Deal, Bitcoin Crashes Below $16,000
Crypto exchange Binance is officially out of the FTX agreement. According to an official statement, the company won’t purchase its competitor. Via its official Twitter handle, Binance claims that regulatory pressure and other factors impacted their decision. The report claimed that the company reviewed FTX’s books and decided to walk out of their non-binding agreement. The company said: As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the…
The Downfall of Sam Bankman-Fried’s FTX: The Industry Reacts
The Downfall of Sam Bankman-Fried’s FTX: The Industry Reacts Source
Alameda Research and FTX Ventures websites go dark
Websites linked to the crypto exchange FTX have been taken down on Nov. 9, following a liquidity crisis and a pending acquisition of the company by its rival Binance. Websites for Alameda Research and the company’s venture capital arm FTX ventures were offline and made private, while both FTX’s main site and FTX US’s website remain accessible. Cointelegraph reached out to Alameda on Nov. 9, but has not heard back as of publication time. The latest developments include unconfirmed reports about most of FTX’s legal and compliance staff quitting on Tuesday…
Binance’s victory over FTX means more users moving away from centralized exchanges
Based on the joint statements on Twitter this week from Binance CEO Changpeng “CZ” Zhao and FTX CEO Sam “SBF” Bankman-Fried, it seems clear that FTX has serious solvency problems — so dire that few in the market are willing to save it. As a result, FTX is turning to CZ as a prospective buyer. After CZ exposed FTX’s problems earlier in the week by announcing his plan to dump $500 million of its FTX Token (FTT) on the market, the companies said on Nov. 8 that they had entered…