Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source | Crypto Craft

  • Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source

    From coindesk.com

    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. Binance declined to ... (full story)

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cityRat
Nov 9, 2022 12:45pm
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Quoting umbrella man
Such a surprise! A bozo in his 20’s gets lucky and buys bunch of coins from his parents basement and all of a sudden, boom, $30B net worth. He didn’t know anything about real life, just got lucky, like many of lottery winners who ruin all of their wealth within a couple of years after winning the lottery.
I wouldn't exactly call him a bozo who got lucky:
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Bankman-Fried graduated MIT with a physics degree, and then landed a job at the Wall Street trading firm Jane Street in 2014. Three years later, he founded crypto-trading firm Alameda Research, which was soon making big money taking advantage of price discrepancies in global markets.
Basically he busted his ass getting an office in Korea to arb the kimchi premium: https://vegaxholdings.medium.com/kim...s-b780a45b6e76

Then he did the same in Japan.

Then he built an exchange from scratch.
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umbrella man
Nov 9, 2022 10:15am
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Such a surprise! A bozo in his 20’s gets lucky and buys bunch of coins from his parents basement and all of a sudden, boom, $30B net worth. He didn’t know anything about real life, just got lucky, like many of lottery winners who ruin all of their wealth within a couple of years after winning the lottery.
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cryptocow
Nov 9, 2022 10:02am
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SBF what have you done?!
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