The Latest Breaking News from Binance

The trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals.

Crypto assets are infamous for being highly speculative and volatile, but it is their “debt problems” that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion).

FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. The Department of Justice and the SEC are investigating.

Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week

NFT collections are so far resisting headwinds from the collapse of the FTX and Binance acquisition deal after prices fell steeply in the immediate aftermath.

Tron is prepared to pump in billions to rescue beleaguered cryptocurrency exchange FTX, the company’s founder Justin Sun said on Friday.

Not long ago, FTX was one of the world’s largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than US$30 billion earlier this year.

One of the most successful VC firms of all time invested in FTX in July 2021, when it was valued at $18 billion.

"I was slammed with things to do and didn't give updates to you all. And so we are where we are. Which sucks, and that's on me. I'm sorry.”

International exchange for crypto assets is in effect unregulated – and may have been built on sand

FTX's founder and CEO was apologetic, but not terribly forthcoming.