Crypto experienced one of its worst days ever on Wednesday in the wake of the stunning collapse of the FTX exchange, a platform once hailed as one of crypto’s foremost success stories
” combined with newly-announced federal inquiries into the company—which was valued earlier this year at $32 billion—made the deal too risky.
On Wednesday, however, the deal fell apart. Now, many pessimistic crypto insiders are fearing the onset of a vicious downward spiral in crypto asset values that will damage individual investors and the entire industry for years to come.are already comparing FTX’s crash to that of the Lehman Brothers in 2008, which helped precipitate a global financial crisis.
FTX was unable to assuage concerns about the report, and on Nov. 6, Binance announced its intention to offload $500 million worth of FTT. This triggered a bank run in which FTX users who traded cryptocurrency on the platform scrambled to withdraw their funds. Due to this frantic pressure, FTX found itself unable to meet all of their withdrawals.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Binance walks away from FTX crypto exchange bailoutBinance will not pursue the deal for its smaller rival citing reports of 'mishandled customer funds'.
Lire la suite »
Contagion fears sweep crypto sector after FTX liquidity crisis\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Lire la suite »
Binance chief says near collapse of FTX ‘severely’ eroded confidence in crypto industry\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Lire la suite »
Binance rescues crypto rival FTX\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Lire la suite »
What to Know About Crypto Giant Binance Buying Competitor FTXThe largest crypto exchange in the world just bought its fastest-rising competitor. Here's what that means for crypto:
Lire la suite »
The spectacular fall of FTX and Sam Bankman-FriedAnother serious blow to crypto’s reputation
Lire la suite »