Binance will reportedly back out of its agreement to buy rival cryptocurrency exchange FTX, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion, taking down the value of digital assets with it.
last Wednesday that Alameda Research, Bankman-Fried’s crypto trading firm closely linked to FTX, largely held its assets in FTX’s coin.
Though Bankman-Fried called concerns about his companies’ finances “unfounded rumors” Monday, users flooded FTX with withdrawal requests and piled out of the FTX coin, with the token falling some 86% since Sunday, and falling from its $14 billion market capitalization in March to a mere $825 million.Bankman-Fried, with bitcoin, ethereum and shares of exchange Coinbase each falling 20% or more since Sunday.$176 billion.
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