FTX

FTX won’t be rescued by its biggest rival. One day after announcing a , Binance said it didn’t like what it found in the company’s books. “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,” Binance . “Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.” The abandoned…

The saga between two of its top players, Binance and FTX, has upended the crypto ecosystem. It's been a tumultuous few days in the largely unregulated cryptocurrency world, with mudslinging on Twitter, a shock exchange takeover bid and plunging token values. The world's biggest exchange, Binance Holdings Ltd., is now set to acquire troubled rival FTX.com in what would be a radical consolidation of power in the crypto world. The letter of intent is non-binding though, which sent jitters through the market and sparked…

Leading cryptocurrency exchange Coinbase has clarified that it only has $15 million worth of deposits on FTX to facilitate business operations and client trades after it faced a partial outage.In its bid to provide clarity, the company said regardless of whether the Binance and FTX transaction completes, "we have very little exposure to FTX and we have no exposure to its token, FTT"."We have no exposure to Alameda Research, and we have no loans to FTX," Coinbase said in a blog post late.Read AlsoThe clarification came as…

Tom Maloney / Bloomberg: Sam Bankman-Fried's estimated $15.6B fortune has been eviscerated in days by the demise of FTX and Alameda, dropping to ~$1B, the largest one-day collapse ever — Just weeks ago, Sam Bankman-Fried was considered crypto's version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry. Tom Maloney / Bloomberg: Sam Bankman-Fried's estimated $15.6B fortune has been eviscerated in days by the demise of FTX and Alameda, dropping to ~$1B, the…

FTX Token (FFT) is getting it rough this week. The last few days have seen the token post one of the biggest price declines that crypto experts say will be a crash. In just 24 hours, by the end of Tuesday, FFT had plummeted 80%, which qualifies to be a crash. During the same time, APTOS (APT) was plummeting, but Bitgert (BRISE) and Centcex (CENX) stood out as some of the most stable coins in the current bearish market. In fact, Bitgert and Centcex are posting an increase in the number of investors from big coins buying…

Binance has decided to acquire FTX due to its present liquidity crunch. Read more tech news below! Good morning tech fam, here are some quick tech updates for you to catch on to! What’s New Today: India’s second-largest healthcare provider, Manipal Hospitals has partnered up with Google Cloud to improve patient care and treatment facilities. Fast-Track Insights: YouTube Shorts can now be experienced on the big screens! The company will now allow its viewers to access Shorts on the TV screen, which is actually the…

Big tech billionaire Sam Bankman-Fried, the CEO of FTX, recently went big head mode at the 2022 Forbes iconoclast Summit, but only a few weeks later he announced his main crypto exchange is being absorbed by Binance.Photo: Arturo Holmes (Getty Images)The crypto winter has swallowed one of the world’s leading crypto suppliers. FTX, which up until now was ranked the third largest exchange by trading volume, announced Tuesday they were being acquired by rival exchange Binance, the absolute largest exchange in the biz.Binance…

Cryptocurrency exchange FTX, months after looking like a shining survivor in a struggling industry, succumbed Tuesday to a sudden liquidity crunch of its own and agreed to be taken over by rival Binance.The deal signals a power shift in the crypto world, which has been hurt by rising interest rates and investors’ retreat from risk. The pact marks a victory for Binance founder Changpeng Zhao and a humbling comedown for Sam Bankman-Fried, the founder of FTX, which had been growing in size and recognition before a clash…

Bitcoin is suffering in the crypto market as it fell close to 2% in the last 24 hours The price of cryptocurrency is struggling right now. The FTX crisis and the withdrawal that followed are driving a significant selloff in the cryptocurrency market. Bitcoin prices dropped by about 2% the previous day, but it has risen by 1%. The price on the market right now is Rs. 17,25,000. One of the biggest winners in the crypto market continues to be Polygon. Prices for $MATIC increased by 7% in the most recent hour despite…

Two of the largest crypto exchanges have just announced one of the stranger tech mergers in recent memory (and that's saying something). Binance plans to acquire its rival FTX after a brief but very public dispute. As Bloomberg explains, Binance CEO Changpeng Zhao sold about $529 million in FTX's native token on November 6th in response to "recent revelations that came to light," particularly a CoinDesk report that FTX was facing a liquidity crisis. That led to FTX chief Sam Bankman-Fried accusing Binance of attacking his…