News about David Holt

Following news that Binance, the company's top rival, may walk away from a proposed bailout as the saga unfolds across the crypto market, FTX, a struggling cryptocurrency exchange, faces a new crisis. Binance was highly unlikely to go through with purchasing the non-US assets of its ailing competitor as suggested after just over a day of reviewing FTX's books, according to a CoinDesk research quoting a person familiar with the situation. In a tweet, a Binance representative told DailyMail.com: 'We're just 36 hours into the due diligence process.' We'll make a decision based on what's in the best interest of Binance's customers around the world once we've finished.'

Cryptocurrencies have plummeted in recent days, triggering market panic over the near-collapse of one of the world's biggest digital asset exchanges and a hostile takeover by a public protest between rival billionaires caused by a public debate. After fears about its financial stability sparked $6 billion in withdrawals in just three days, FTX entered a bailout agreement with rival Binance yesterday. The panic has brought another 'alarm warning' to the blasted cryptocurrency industry, and experts predict that investors will remain cautious for a long time. Binance's billionaire boss Changpeng 'CZ' Zhao (right) stunned the $1 trillion market by a dramatic decline in FTX, led by his chief rival and onetime disciple Sam Bankman-Fried (left).