It’s been a tumultuous few days in the largely unregulated cryptocurrency world, with mudslinging on Twitter, a shock exchange takeover bid — which then collapsed — and plunging token values.
On Tuesday, the world’s biggest exchange, Binance Holdings, was set to acquire troubled rival FTX.com. On Wednesday, Binance walked away from the deal citing problems with FTX’s finances as well as potential regulatory investigations. Its decision to walk away deepened the ongoing crypto rout, with bitcoin tumbling to the lowest level in two years.
While crypto might seem like a niche corner of finance, the saga between two of its top players has upended the crypto ecosystem and is likely to have far-reaching repercussions.