Sam Bankman-Fried‘s (SBF) crypto exchange FTX will not be acquired by Binance. After less than 24 hours after announcing the LOI to acquire FTX, Binance canceled the acquisition via Twitter. The reason given was the mishandled customer funds and the investigation by US authorities. Allegedly, up to 90% of FTX‘s customer funds have disappeared. was scared to death, SBF played another round of League of Legends. Sure as hell, he will be facing massive legal troubles!
FTX investor Sequoia was a big fan of Sam Bankman-Fried and posted a laudatory portrait on their website. This morning Sequoia informed on Twitter that they have written down the FTX investment to zero. On Wednesday, Bankman-Fried informed investors FTX faced a shortfall of up to $8 billion and needed $4 billion to remain solvent, Bloomberg reported.
At this time, the extent of FTX‘s collapse is unknown. In any case, as a sponsor of various sports activities, FTX has sponsored everything from Formula 1 to basketball (NBA), ice hockey (NFL), and baseball. In Miami, FTX had a stadium named after it for $135 million – the FTX Arena.
The collapse will negatively impact the entire crypto industry and give critics and opponents new material. For this, Sam Bankman-Fried should get appropriate punishment.
