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Binance swoops on AILING crypto exchange FTX

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FTX – led by 30-year-old billionaire Sam Bankman-Fried and backed by Brazilian model Gisele Bundchen – suffered a drop in the value of its internal token

Binance rushes to crypto exchange AILING FTX after suffering cash crisis

By Daily Mail City & Finance Reporter

Published: | Updated:

Crypto exchange Binance must save rival FTX.com after suffering a cash crisis.

The deal comes after FTX – led by 30-year-old billionaire Sam Bankman-Fried and backed by Brazilian model Gisele Bundchen – suffered a drop in the value of its internal token amid talks of pressure on its finances. the company.

Binance boss Changpeng Zhao said Bankman-Fried “asked for our help” after a “significant liquidity crisis.”

FTX – led by 30-year-old billionaire Sam Bankman-Fried and backed by Brazilian model Gisele Bundchen – suffered a drop in the value of its internal token

FTX – led by 30-year-old billionaire Sam Bankman-Fried and backed by Brazilian model Gisele Bundchen – suffered a drop in the value of its internal token

He said Binance will be doing due diligence over the next few days as the next step towards buying FTX.com.

This marks the latest bout of turmoil in the cryptocurrency world as investors retreat from riskier assets amid rising interest rates.

Bankman-Fried said its US operation FTX.us was unaffected. But it marks a reversal of fortune for the entrepreneur who was previously seen as the savior of the industry after saving struggling rivals.

Founded in 2019, FTX hosted a crypto conference in the Bahamas earlier this year featuring Tony Blair and Bill Clinton.

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