Breaking: endgame for FTX, Binance throws in the towel

The crypto ecosystem was today hanging on a decision that will probably be a milestone in its young history. After the recent revelations of insolvency of FTX (second exchange in terms of volume) and the closure of these withdrawals, all hopes were turned on Binance and its leader Changpeng Zao. Indeed, he had announced that a letter of intent to buyout had been sent to the management of FTX, and that his teams were now going to audit the accounts of the exchange. The objective was to assess the debt to be covered to repay the deposits of individuals, and then decide (or not) to go through with the redemption procedure.

Alas, tonight the bad news fell. Between the abyssal debt to be filled and the American financial policeman (the SEC) who will stick his nose in the file, Binance has announced that it is withdrawing its takeover proposal.. Black day for our industry, which now leaves thousands of investors without the possibility of recovering their assets.

The ax has fallen, Binance will not buy back FTX

And now ? We will have to wait for the results of a (long) investigation to find out more, and possibly recover some of the lost funds. The price of Bitcoin has fallen, dragging the entire ecosystem with it. And to think that we thought we had seen everything with the fall of Luna…

Falling prices affect us all, but keep a cool head! Take advantage of current market conditions to quietly accumulate Bitcoin. Register quickly on the Binance platformmore than ever THE absolute benchmark in the sector (commercial link).

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