Binance Won’t Bailout FTX – FTX Founder on the Run

Crypto exchange Binance is walking away from bailing out FTX. FTX has a shortfall of up to $8 billion. The Wall Street Journal reports that FTX Chairman and founder Sam Bankman-Fried is missing and may be on the run. As a result of corporate due diligence, as well as the latest news reports regarding mishandled…
Binance Won’t Bailout FTX – FTX Founder on the Run


Crypto exchange Binance is walking away from bailing out FTX. FTX has a shortfall of up to $8 billion. The Wall Street Journal reports that FTX Chairman and founder Sam Bankman-Fried is missing and may be on the run.

As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f.

— Binance (@binance) November 9, 2022

Two big lessons:

1: Never use a token you created as collateral.

2: Don’t borrow if you run a crypto business. Don’t use capital “efficiently”. Have a large reserve.

Binance has never used BNB for collateral, and we have never taken on debt.

Stay #SAFU.🙏

— CZ 🔶 Binance (@cz_binance) November 8, 2022

Bitcoin is now around $15000. The overall cryptomarkets are down about 15% in a day. Ethereum is around $1000.


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