Binance is backing out of its plan to acquire FTX
Binance, the global cryptocurrency exchange, has announced that it would not acquire FTX exchange. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.”, the company tweeted.
SEC has been investigating FTX for possible securities-law violations: WSJ
The FTX exchange is now facing heat on the legal front because of the controversies surrounding price drop. This led the Bahamas-based exchange to face an investigation by the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). In addition, the exchange’s relationship with Sam Bankman-Fried’s other ventures including Alameda Research and FTX US are also under scrutiny.
According to the report, the SEC’s probe began months before the exchange’s current predicament related to liquidity.
Bitcoin falls below $16,000 as Binance walks away from FTX bailout
A day after its short-lived comeback above $20,000 on Tuesday, bitcoin plunged below $16,000 while ether dipped to its lowest point in four months. The decline does not come as a surprise to analysts, who said volatility was to be expected given the uncertainty around FTX’s solvency and legal standing, and concerned that Binance’s rescue might not be coming.
Over $50.7 million Solana to be unlocked in 24 hours. This is bad news for Solana holders.
Solana (SOL) validators are expected to release a total of 50.7 million SOL, equivalent to over $940 million. Solana tokens to be unlocked within 24 hours on November 10, 2022. It is the second-largest number of tokens to be unlocked in any Solana timeframe. The market reports a lot of bad news, particularly when Sam Bankman-Fried sold SOL to repurchase FTX. This is incredibly negative news for Solana holders, who are concerned about a massive price drop when SOL Token is unlocked. Solana was down 65% from its $37 price four days ago.
