A report from CoinDesk reports Binance is highly unlikely to go through with a rescue after a glace at FTX's books.
"Roughly half a day into that process of reviewing FTX’s internal data and loan commitments has led Binance to strongly lean against completing the transaction," according to which cites a person familiar.
This is bad news for crypto as FTX could end up in bankruptcy with holdings liquidated and customers becoming creditors.
Bitcoin is down to $17,200 on the news, falling about $400 on the kneejerk. So far yesterday's low is holding.
