11-09-2022, 09:06 AM
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80/20 Rule
Industry Role:
Join Date: Apr 2010
Location: Los Angeles
Posts: 3,051
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Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books
Quote:
Cryptocurrency exchange giant Binance is highly unlikely to go through with its proposed acquisition of struggling rival FTX after less than a day of reviewing the company, according to a person familiar with the matter.
Binance’s non-binding letter of intent for the takeover – announced Tuesday as FTX’s financial position appeared to be spiraling out of control – hinged on Binance performing due diligence. Roughly half a day into that process of reviewing FTX’s internal data and loan commitments has led Binance to strongly lean against completing the transaction, the person said.
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