• Binance just bought FTX. Here's how rumors of insolvency and fears of contagion led Sam Bankman-Fried into a deal

    24 days ago - By Business Insider

    Good morning team, Phil Rosen here. When I woke up yesterday, I would not have guessed that the day after a major US election I'd be leading the newsletter with cryptocurrency - but the world of deal-making waits for no one. Here's the short of it: The once-top-dog crypto firm, FTX, helmed by 30-year-old billionaire Sam Bankman-Fried, is being bought by Binance amid significant liquidity issues and rumors of insolvency. Lots of moving parts - but I'm here to walk you through it one step at a time. If this was forwarded to you, sign up here. Download Insider's app here. Sam Bankman-Fried...
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  • Bitcoin and other cryptos spiral lower as worries about the fallout from FTX's troubles grow

    24 days ago - By Business Insider

    FTX boss Sam Bankman-Fried. Photo by Alex Wong/Getty Images
    Bitcoin and most cryptos extended losses Wednesday as worries built about the FTX fallout.
    Sol plunged 31% and the crypto market cap dropped 11% on fears the troubles would spread.
    FTX has seen $6 billion in withdrawals and is suffering a " liquidity crunch", Binance's CEO said.
    Bitcoin and other cryptocurrencies extended their losses Wednesday as worries built that the FTX troubles that led to Binance's bailout could spread to other big digital-asset players. In a stunning turn of events, FTX CEO Sam-Bankman Fried announced...
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  • Binance's bid for FTX marks one of the wildest days in crypto history

    24 days ago - By Business Insider

    It's Dan DeFrancesco checking in from NYC. Today we've got stories on what you can expect to get paid as a young attorney, billionaire Ken Griffin's reasoning behind his move to Florida , and why your lunch spot might look different. But first, some chaos in the crypto markets. If this was forwarded to you, sign up here. Download Insider's app here. Sam Bankman-Fried, founder of crypto exchange FTX. Tom Williams/Getty Images 1. The savior needed saving. He was the so-called "white knight" of crypto, cutting big checks for companies in need and serving as a backstop for an industry on the...
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  • FTX was reportedly hit with $6 billion in withdrawals in just 72 hours

    24 days ago - By Business Insider

    FTX boss Sam Bankman-Fried. Getty Images
    FTX saw $6 billion in withdrawals in a crypto bank run after its announced deal with Binance.
    "In the last 72 hours, we've had roughly $6b of net withdrawals from FTX," CEO Sam Bankman-Fried said.
    He added the details of Binance's acquisition have still not been ironed out, in a staff message.
    FTX saw $6 billion of withdrawals in the 72 hours before Tuesday morning, according to a message sent to staff by CEO Sam Bankman-Fried, cited by Reuters. The rush among users to withdraw funds comes after Binance announced it will acquire FTX amid significant...
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  • FTX's rescue by Binance is a red flag for sports heavyweights that signed sponsorship deals with the crypto exchange

    24 days ago - By Business Insider

    NFL quarterback Tom Brady became a brand ambassador for crypto exchange FTX in June 2021. Mark LoMoglio/AP Photo
    Binance stunned the crypto world with a deal to buy Sam Bankman-Fried's crypto exchange FTX Tuesday.
    FTX made an aggressive push into sports sponsorship last year to build brand awareness.
    The exchange's troubles raise questions about its deals with Tom Brady, the Miami Heat, and the Mercedes F1 team.
    FTX's rescue by Binance could end up having a knock-on effect for high-profile sports names, including the Miami Heat, Mercedes' Formula 1 team and legendary NFL quarterback Tom...
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  • How crypto giant Binance came to bail out its biggest rival, FTX, days after their billionaire founders got into a very public spat on Twitter

    24 days ago - By Business Insider

    Changpeng Zhao's Binance plans to acquire Sam Bankman-Fried's FTX crypto exchange. Horacio Villalobos/CorbisAlex Wong/Getty Images
    The CEO of Binance tweeted on Sunday the exchange would be liquidating all its FTT tokens due to "recent revelations."
    On Monday, FTX head Bankman-Fried tweeted "a competitor is trying to go after us with false rumors."
    Bankman-Fried announced on Tuesday his exchange FTX is to be acquired by Binance.
    Sam Bankman-Fried stunned the crypto world on Tuesday when he announced his exchange FTX is to be acquired by rival Binance. But drama was brewing in the...
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