Crypto exchange Binance abandons rescue of FTX one day after announcing takeover bid
a report that revealed that the cryptocurrency exchange was facing a liquidity crisis. In response to the article, Binance CEO Changpeng Zhao announced that the company would sell about $529 million worth of FTX’s FTT token, a move that wiped out the value of the cryptocurrency and launched a public spat between the competing exchanges.
Even when the acquisition was first announced, the likelihood of it moving forward seemed uncertain at best, with Zhao stressing at the time that the deal was non-binding. “This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time.” he said on Tuesday. By the following morning,
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