The cryptocurrency world was rocked on Tuesday as one of the largest exchanges for digital currencies, seemingly on the verge of collapse, was bailed out by a major rival in a deal that underlined the perils of the industry’s volatility.
Binance, the world’s largest cryptocurrency exchange, said it had reached an agreement to buy its competitor FTX, which struggled to meet a surge of withdrawals in recent days as the crypto market teetered on the edge of another meltdown. The size of the acquisition couldn’t immediately be determined, but the privately held FTX was once valued at $32 billion.
The emergency deal-making highlighted the persistent instability of the crypto industry, which was buffeted this spring by a $2 trillion crash that drained the savings of many amateur investors….
‘Enforcement 40’ for 2020
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