Binance is pulling out of the deal with FTX after all. Binance cannot help its competitor because the problems cannot be controlled by Binance.
FTX is in big trouble; Image: Reuters
FTX is now in big trouble after Binance pulled out of the deal. Sam Bankman-Fried (SBF) wrote in a message to his staff that he is currently looking at all options to save FTX from insolvency.
Currently, FTX does not make any withdrawals, neither in cryptocurrencies nor in fiat currencies. This is to protect both employees and investors. According to Lennix Lai, director of financial markets at OKX, replays a phone call with SBF in which he says FTX has $7 billion in liabilities.
However, Lai is now coming to the rescue. SBF now desperately needs the liquidity to make payouts again and satisfy customers. OKX is now offering a $2 to $4 billion cash injection for FTX. OKX is a trading platform for cryptocurrencies.
