Binance refuses FTX acquisition, Bankman-Fried hints at insolvency

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In the span of two days, the world’s largest cryptocurrency exchange, FTX by billionaire Sam Bankman-Fried goes into default and is currently under investigation by the US Department of Justice.

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FTX has been leading the crypto scene for many years and it was a direct competitor of Binance. It had listed many coins and increasingly daily active users.

Bankman-Fried had claimed he had enough funds to buy out bankrupt firms but now his own company is going bankrupt. In fact, the billionaire’s net worth dropped 93% to $991M.

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According to Bloomberg, FTX is now short $4 billion to remain operational. Now, the exchange halted its withdrawals and Bankman-Fried has admitted to filing for bankruptcy.

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Seeing how the situation is unfolding, FTX’s legal team has left and most employees are expected to be laid off once the investigation by the US authorities begins.

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In effect to this, the whole crypto market is in turmoil as Bitcoin drops to an all-time low of $15k since November 2020 while the Solana ecosystem is facing a crisis because of Alameda.

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The NFT market isn’t doing so well. The marketplaces are seeing much panic among the collectors because the worth of each collectible has dropped drastically in two days.

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Compared to that, Binance is facing a loss in BNB prices because of the whole market situation but it still remains a strong exchange in the crypto space.

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