FTX slumped last week after reports of liquidity issues and mismanagement. It then concluded a deal with competitor Binance, the largest platform in the world of cryptocurrencies, to be taken over. Remarkable, because Binance itself was partially responsible for FTX’s downfall, but Binance pulled out the day after announcing the acquisition.
Following an audit of FTX’s operations, “we have decided not to proceed with the acquisition of FTX.com,” reads a tweet. The soap has not done well the prices of various cryptocurrencies. The most famous, bitcoin, has already lost nearly a fifth of its value this month.
