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    QONEQT in Binance

    10-Nov-2022 06:17 AM


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    Behind FTX's Downfall: A Battle of The Billionaires And A Failed Bid To Save Crypto

    Binance earlier said it decided to pull out of the deal as a result of its due diligence on FTX.
    On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message.
    Neither Binance nor FTX responded to requests for comment.
    In June 2021, however, an FTX lawyer told Binance's chief financial officer that Binance wasn't "engaging with us properly" and they risked "severely disrupting an important project for us."
    Seeking to prop up Alameda, which held almost $15 billion in assets, Bankman-Fried transferred at least $4 billion in FTX funds, secured by assets including FTT and shares in trading platform Robinhood Markets Inc, the people said.
    Bankman-Fried did not tell other FTX executives about the move to prop up Alameda, the people said, adding he was afraid that it could leak.
    Source: NDTV
    #FTX #Binance