After Binance walked away from the FTX deal, leaked messages to WSJ shows SBF asking for up to $8 billion from investors given inability to fund withdrawals.
Meanwhile, FTX is facing a regulatory probe over its handling of client funds and lending practices, according to Bloomberg.
FTX Faces Liquidity Shortfall of Up to $8 Billion, Sam Bankman-Fried Told Investors
11/9/2022
Binance signed a nonbinding letter of intent to buy FTX's non-U.S. operations on Tuesday, in an effort to solve FTX's liquidity crunch. Cryptocurrency prices tumbled over concerns of FTX's financial health and potential insolvency of the fourth largest crypto exchange.
Users rushed to withdraw their funds from FTX. They withdrew more than $1.2 billion from the exchange Monday. Bitcoin prices dived below $20,000 for the first time since late October, and cryptocurrencies generally shifted lower early Tuesday.
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