At issue is a gap between liabilities and assets at FTX that’s probably in the billions, a source said. Find out more.
Just hours into their due diligence, Binance Holdings Ltd. executives found themselves staring into a financial black hole — casting doubt on whether the firm should rescue its onetime top rival.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Cryptocurrencies extended declines to the lowest levels in two years on the news. Bitcoin, the largest token by market value, fell as much as 9.9 per cent to US$16,853 on Wednesday, the least since November 2020. That brings this week decline to almost 20 per cent. It reached a record high of almost US$69,000 a year ago. Just about every digital coin was struggling: Ether, Solana, Polkadot and Avalanche all dropped.
In addition to FTX’s financial hole, it may also face regulatory pressure. The Securities and Exchange Commission and the Commodity Futures Trading Commission are investigating whether the firm properly handled customer funds, as well as its relationship with other parts Bankman-Fried’s crypto empire, Bloomberg News reported Wednesday.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto exchange wars: Binance vs. FTXFTT plunges as rumors about the insolvency of Alameda Research sparks a wave of token selling as crypto traders attempt to get ahead of another possible contagion event.
Read more »
Volatility spikes in the crypto market as Binance looks to acquire FTXThe crypto market went for an early morning plunge as BTC briefly dipped below $20,000 amid rumors of insolvency at the crypto exchange FTX.
Read more »
Crypto exchange Binance plans to acquire major rival FTXWASHINGTON/LONDON (Reuters) -Binance, the world's largest cryptocurrency exchange, has signed a nonbinding agreement to buy FTX.com, a unit of major rival FTX, to help cover a 'liquidity crunch' at the cryptocurrency exchange, Binance CEO Changpeng Zhao said on Tuesday. FTX has come under pressure after Zhao said on Sunday his firm would liquidate its holdings of FTX's in-house token, FTT, due to unspecified 'recent revelations.'
Read more »
Crypto exchange Binance to buy rival FTX in apparent bailoutThe cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, which became the latest cryptocurrency company to fall under financial pressure as crypto assets have collapsed in value.
Read more »
Cryptocurrencies fall after FTX-Binance turmoil spooks investorsBitcoin was down 5.3% on the day at $17,559 at 1107 GMT, after a 10% plunge on Tuesday. Ether extended losses on Wednesday to hit its lowest since July
Read more »
Bitcoin and other cryptocurrencies sell off as Binance's stunning takeover of FTX renews liquidity fears in the sectorThe global value of the overall crypto sector fell 5.6% to US$972B, according to CoinMarketCap; bitcoin loses 5.5%, ether slides 8%, while dogecoin tumbles 12%
Read more »