Sam Bankman-Fried, the CEO of FTX, is looking at all his options now that Binance has pulled out of the deal to buy the stricken crypto exchange.
A proposed deal between CZ’s Binance and Sam Bankman-Fried’s FTX exchange is a no go after it didn’t make it through the due diligence stage of the process.
Crypto Daily reported this fact earlier today after CZ tweeted out that he was pulling out of the deal after “mishandled customer funds” and “alleged US agency investigations” had come to light.
What now?
So what now for Sam Bankman-Fried’s beleaguered crypto empire? Options will have to be considered even as the entire crypto industry is suffering arguably its worst ever test as prices continue to go lower across the board.
Bitcoin is hovering at around $16,500 with not much beneath it until it hits $14,000. Ethereum is perhaps turning support into resistance at $1,200, and the entire crypto market cap has made its lowest low since January 2021.
Deeply sorry
According to an article on Reuters, Bankman-Fried has told FTX staff in a message that “his goals were to protect customers and provide any help he could to staff and investors”.
However, he does appear to acknowledge the full extent of the plight facing his FTX exchange exchange when he said:
“I’m deeply sorry that we got into this place, and for my role in it. That’s on me, and me alone, and it sucks, and I’m sorry, not that it makes it any better.”
Unforeseen help
Some help thought might have come from a fairly unforeseen quarter as Justin Sun announced earlier today in a tweet, since retweeted by Bankman-Fried, that he would be standing behind the Tron ($TRX) token holders.
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022
He also included the related tokens of $BTT, $JST, $SUN, and $HT which were held on the FTX exchange. He said that he would be working with FTX by “putting forward a solution” in order to “initiate a path forward”.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Sourced from cryptodaily.co.uk.
Written by Laurie Dunn on 2022-11-10 12:00:51.
