Submitted by: aka.attrition
Crypto Crash Intensifies Amid Downfall Of Industry’s ‘White Knight’ Bankman-Fried
Bitcoin fell to a two-year low and the crypto market slid after a shocking run on billionaire Sam Bankman-Fried’s FTX cryptocurrency exchange and subsequent pact for an acquisition from rival Binance, as the crypto industry shook from the collapse of one of its foremost institutions.
Key Facts
Binance CEO Changpeng Zhao announced early Tuesday that his company signed a letter of intent to acquire FTX due to a “significant liquidity crunch” at Bankman-Fried’s firm.
