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Binance 'Prank', IDR 501 T Crypto Dealer Threatened to Bankrupt

Binance 'Prank', IDR 501 T Crypto Dealer Threatened to Bankrupt

Andrianus.my.id - Binance withdrew from the FTX acquisition process. This news, made the crypto exchange owned by Sam Bankman-Fried even more cornered and threatened with bankruptcy.

Just a day after Binance CEO Chengpeng Zhao announced the deal to acquire the FTX business outside the United States,  CNBC International reports that Binance announced a 'turnback' of the acquisition process.

The capital injection from Binance was seen as the only way for FTX to survive. At the beginning of this year, FTX's valuation reached US$32 billion or around Rp.501 trillion based on investment by private investors.

"Initially, our hope was to be able to help FTX consumers by providing liquidity. However, this issue turned out to be beyond our ability to help," said Binance.

On Monday night, Bankman-Fried was faced with a shortage of capital so it was a guerrilla search for capital injection support from venture capitalists and other investors before finally opening discussions with Binance.

Zhao initially agreed to help, but Binance later changed his mind citing "mismanagement of customer funds and possible investigation by United States government agencies".

Bankman-Fried, according to the Wall Street Journal, told investors that FTX was short of US$8 billion in funds to meet withdrawal requests.

The bad news about FTX has been rolling since Monday. At that time, Bankman-Fried's efforts to maintain investor confidence collapsed after Zhao announced the sale of the FTX token release, FTT, from the Binance portfolio.

On Tuesday, Bankman-Fried said that total consumer withdrawal requests stood at $6 billion. On the same day, he deleted a tweet stating that FTX had enough assets to fulfill the request.

To a Binance employee, Zhao confirmed that he had no "big plans" behind the cancellation of the FTX acquisition. If FTX goes bankrupt, he continued "not a good thing for anyone in the industry".

Zhao also appealed to FTT token holders not to transact until the situation on the crypto exchange is clear. "Don't buy or sell."

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