Mr Bankman-Fried told investors on Wednesday that FTX needed funding of up to $8 billion after being inundated with withdrawal requests from customers, as its deal with Binance looked certain to fall apart, according to two people familiar with the matter.
Wall Street’s top regulator launched the probe months ago but sent additional requests for information after Binance announced on Tuesday that it would acquire FTX amid a liquidity crisis, the person added. The agency is also looking into FTX’s relationship with a US entity, FTX US. Bitcoin, the most actively traded cryptocurrency, shed more than 14 per cent to below $16,000, its lowest level since late 2020. Solana, a coin that counts Alameda as a major backer, dropped 44 per cent, while shares in US-listed crypto exchange Coinbase fell 9.5 per cent. Coinbase declined to comment.
“Markets have now hit full panic,” said Jon de Wet, chief investment officer at crypto wealth manager Zerocap. “All hell is breaking loose.” The collapse of the short-lived deal between Binance and FTX comes months after high-profile failures of once-prominent crypto groups including lender Celsius Network and hedge fund Three Arrows Capital.
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