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Ollivander
2022-11-10

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Binance Backs Out of FTX Rescue, Citing Finances, Investigations

Crypto exchange reverses decision a day after announcing itFTX customers could now be on the hook fo

Binance Backs Out of FTX Rescue, Citing Finances, Investigations

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Dragonroar
·2022-11-10
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·2022-11-10
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Its executives found themselves staring into a financial black hole -- a gap between liabilities and assets at FTX that’s probably in the billions, and possibly more than $6 billion, according to a person familiar with the matter.</p><p>On top of that, US regulators are circling FTX, investigating whether the firm properly handled customer funds, as well as its relationship with other parts of Bankman-Fried’s crypto empire, including his trading house Alameda Research, Bloomberg News reported Wednesday.</p><p>Zhao himself admitted there was no“master plan”to take over FTX. His about-face leaves the fate of the beleaguered exchange and its clients uncertain and sparked renewed concerns about contagion risks across the crypto industry. Digital assets tumbled anew, with Bitcoin falling below $16,000 after Binance’s announcement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21d5626bc958849f1144c4e14fcfd3ea\" tg-width=\"1000\" tg-height=\"666\" width=\"100%\" height=\"auto\"/><span>Changpeng ZhaoPhotographer: Zed Jameson/Bloomberg</span></p><p>“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.com,” Binance said in the statement.</p><p>For crypto investors, the stakes are high for what happens next. The downfall of Bankman-Fried, the industry’s onetime 30-year-old wunderkind, has cast doubt about which institutions are safe in the still-loosely regulated market.</p><p>While Bankman-Fried is barely a billionaire anymore, Zhao remains the richest person in crypto, with a fortune estimated at $16.4 billion by the Bloomberg Billionaires Index. But even Zhao hasn’t been immune to tumbling crypto prices: His net worth peaked at $97 billion in January.</p><p>Coinbase Chief Executive Officer Brian Armstrong said Tuesday in a Bloomberg TV interview that if the deal with Binance fell through, it would likely mean FTX customers would take losses.</p><p>“That’s a not a good thing for anybody,” he said.</p><p>For crypto market prices: CRYP; for top crypto news: TOP CRYPTO.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Binance Backs Out of FTX Rescue, Citing Finances, Investigations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Its executives found themselves staring into a financial black hole -- a gap between liabilities and assets at FTX that’s probably in the billions, and possibly more than $6 billion, according to a person familiar with the matter.On top of that, US regulators are circling FTX, investigating whether the firm properly handled customer funds, as well as its relationship with other parts of Bankman-Fried’s crypto empire, including his trading house Alameda Research, Bloomberg News reported Wednesday.Zhao himself admitted there was no“master plan”to take over FTX. His about-face leaves the fate of the beleaguered exchange and its clients uncertain and sparked renewed concerns about contagion risks across the crypto industry. Digital assets tumbled anew, with Bitcoin falling below $16,000 after Binance’s announcement.Changpeng ZhaoPhotographer: Zed Jameson/Bloomberg“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.com,” Binance said in the statement.For crypto investors, the stakes are high for what happens next. The downfall of Bankman-Fried, the industry’s onetime 30-year-old wunderkind, has cast doubt about which institutions are safe in the still-loosely regulated market.While Bankman-Fried is barely a billionaire anymore, Zhao remains the richest person in crypto, with a fortune estimated at $16.4 billion by the Bloomberg Billionaires Index. But even Zhao hasn’t been immune to tumbling crypto prices: His net worth peaked at $97 billion in January.Coinbase Chief Executive Officer Brian Armstrong said Tuesday in a Bloomberg TV interview that if the deal with Binance fell through, it would likely mean FTX customers would take losses.“That’s a not a good thing for anybody,” he said.For crypto market prices: CRYP; for top crypto news: TOP CRYPTO.","news_type":1},"isVote":1,"tweetType":1,"viewCount":476,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":104732785,"commentId":"104732785","gmtCreate":1668034990676,"gmtModify":1668035003253,"authorId":3586969379790251,"author":{"id":3586969379790251,"idStr":"3586969379790251","authorId":3586969379790251,"name":"Dragonroar","avatar":"https://static.tigerbbs.com/c85f59035023e669e7f4f44f503edbbe","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9960085023,"objectIdStr":"9960085023","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<u>wow</u>","text":"<u>wow</u>","html":"<u>wow</u>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":104732608,"commentId":"104732608","gmtCreate":1668034361476,"gmtModify":1668034374561,"authorId":3579591519090572,"author":{"id":3579591519090572,"idStr":"3579591519090572","authorId":3579591519090572,"name":"El_Nino","avatar":"https://static.tigerbbs.com/6b1b731af69caf76640812930188d9d2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9960085023,"objectIdStr":"9960085023","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<span class=\"s1\">K</span>","text":"<span class=\"s1\">K</span>","html":"<span class=\"s1\">K</span>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0}],"hasMoreComment":true,"orderType":2}