Just a day after Binance announced that it would acquire FTX’s international operations, it appears that Binance will most likely withdraw its offer. Binance is in the process of conducting its due diligence and apparently doesn’t like what it sees.
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Thus, the broader crypto market is taking a hit as well. Bitcoin (BTC-USD) has fallen below $17,000, its lowest level in two years.
As a result of the recent carnage, FTX CEO Sam Bankman-Fried has seen most of his net worth disappear. Indeed, formally estimated to be worth $15 billion, he is no longer a billionaire.
