Crypto markets teeter with FTX after Binance abandons bailout

Published by
Reuters UK

By Georgina Lee and Tom Westbrook HONG KONG/SINGAPORE (Reuters) – Cryptocurrency markets nursed heavy losses on Thursday, with bitcoin struggling to recover from a two-year low as investors fretted about the fallout from the implosion of crypto exchange FTX and the future of the industry. Larger rival Binance walked away from a bailout of FTX on Wednesday. FTX head Sam Bankman-Fried said he was “exploring all the options”, but fading hopes for rescue left FTX teetering. A message on the FTX website said: “FTX is currently unable to process withdrawals. We strongly advise against depositing.” F…

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