TechFlow News, November 10 — According to Bloomberg, FTX CEO Sam Bankman-Fried (SBF) informed investors of FTX.com that the exchange faces an $8 billion funding shortfall and would need to seek bankruptcy protection if it fails to raise new capital. The source revealed that prior to Binance's formal abandonment of its acquisition plan, FTX had attempted to secure rescue funding through debt, equity, or a combination of both.
Previously, Binance issued an official statement indicating that, based on the results of its due diligence and recent news reports regarding mishandling of customer funds and alleged investigations by U.S. authorities, it decided not to pursue the potential acquisition of FTX.com. (Source link)
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