Troubles for FTX, however, likely won’t be limited to the U.S. market. Citing unnamed sources familiar with the matter, CoinDesk reports that authorities in the U.S., as well as Europe, contacted Binance, “requesting insight into what Binance executives learned this week about FTX’s internal workings.”
Meanwhile, FTX told investors that it faces an imminent bankruptcy threat if it can’t secure a pile of cash as big as $8 billion, according to Bloomberg. As the exchange has halted transactions for worried customers, the personal wealth of Bankman-Fried has also collapsed from an estimated $15.6 billion to less than a billion dollars, reports The Wall Street Journal.
With the kind of murky allegations that are surfacing about FTX — and its sister companies Alameda Research and FTX Ventures — Binance may be on the hook to assist authorities with their investigations into FTX. Binance itself is reportedly on the scanner of the Justice Department and Internal Revenue Service, both of which issued an inquiry about the company last year over money-laundering concerns — though, keep in mind that the company wasn’t accused of violating any laws, Bloomberg reported.
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