Tech

Binance withdraws from FTX purchase, Bitcoin price falls

Published

1 year ago

November 10, 2022

Rick D'Andrea

Binance has scrapped its letter of intent to buy rival crypto exchange FTX, sending the price of Bitcoin into a freefall.

The cryptocurrency dropped as much as 14 per cent, within minutes of the Binance-FTX news being revealed.

A spokesperson for Binance said in a statement: “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.”

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 https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022

FTX had been struggling with a surge in withdrawals that caused a “liquidity crunch”.

Concerns about FTX’s financial health reportedly triggered $6 billion worth of withdrawals in just three days.

This pressure came about due to Binance CEO Changpeng Zhao tweeting that Binance would sell its holdings of FTX’s digital token, known as FTT.

The token has lost over 70 per cent of its value since the start of the week.

FTX has also warned users not to withdraw monies at this stage, and are recommending people not make deposits.

News

Boeing’s bad luck continues following Starliner malfunction

Published

19 hours ago

May 7, 2024

Nathan Langridge

Long-awaited first crewed test flight of the new Starliner space capsule was called off over a technical issue that launch teams could not resolve in time.

Originally scheduled for liftoff from Florida’s Kennedy Space Center, the mission aimed to demonstrate Starliner’s capabilities and certify it for regular crewed flights to the ISS, as reported by Reuters.

News

Will Tesla’s supercharger layoffs eventually payoff?

Published

2 days ago

May 6, 2024

Nathan Langridge

Tesla CEO Elon Musk dissolves supercharging team, leaving customers stranded.

Elon Musk’s decision to disband Tesla’s electric vehicle charging team has left customers concerned about the future of the company’s charging infrastructure.

The move comes as a surprise to many, considering Tesla’s commitment to expanding its charging network to support its growing fleet of EVs #featured