FTX on brink of collapse after Binance abandons rescue

FTX on brink of collapse after Binance abandons rescue

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FTX is getting ready to collapse as chief Sam Bankman-Fried races to safe billions of {dollars} to salvage his empire after Binance ditched an 11th-hour rescue of one of many world’s greatest crypto exchanges.

Enterprise capital agency Sequoia Capital stated it will mark down its $214 million funding in FTX to zero after a run on the trade in current days blew an enormous gap in its steadiness sheet and solid critical doubts over its survival.

“In current days, a liquidity crunch has created solvency danger for FTX,” Sequoia stated in a notice on Wednesday to buyers in its fund.

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