FTX Crash: How The Meltdown Of One Of The World’s Largest Crypto Platforms Led To Unprecedented Selloff
2 years, 1 month ago

FTX Crash: How The Meltdown Of One Of The World’s Largest Crypto Platforms Led To Unprecedented Selloff

ABP News  

We witnessed a massive round of selloff in the cryptocurrency market after Binance announced that it won’t buy FTX. Binance, the world’s biggest crypto platform, was set to acquire troubled rival FTX.com, but soon did a U-turn and walked away from the deal citing problems with FTX's finances as well as potential regulatory investigations. What led to the falling financial health of FTX Amid rising interest rates, investors pulled out from riskier assets. The root of FTX's downfall which started months earlier originated from mistakes Bankman-Fried made after he stepped in to save other crypto companies as the crypto market collapsed amid rising interest rates. As a result of news reports regarding mishandled customer funds, corporate due diligence, and alleged US agency investigations, Binance decided to not pursue the potential acquisition of FTX.

History of this topic

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