Leading cryptocurrency exchange FTX is facing bankruptcy after failing to secure a rescue deal from its rival Binance.
Binance, the world’s biggest cryptocurrency exchange, said that after due diligence, it would not pursue the deal.
FTX is a big crypto exchange and people use it to buy and sell various crypto currencies.
Concerns about FTX’s financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days. Investors are now facing billions of dollars in losses.
Crypto values have slumped on Thursday, with Bitcoin falling to a two-year low.
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