Deal is the latest emergency rescue in the world of cryptocurrencies this year
Changpeng Zhao, founder and CEO of Binance. File photo: REUTERS/BENOIT TESSIER
Binance CEO Changpeng Zhao said in a tweet that FTX, run by billionaire Sam Bankman-Fried, had “asked for our help” after “a significant liquidity crunch.” The deal is the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets amid rising interest rates. The cryptocurrency market has fallen by about two-thirds from its peak to $1.07-trillion.
The deal comes after the in-house token of major crypto exchange FTX slumped, losing one-third of its value and dragging down other major digital assets, amid talk of pressure on FTX's financials.
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