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According to recent developments, the bankrupt cryptocurrency exchange FTX's assets appeal to Ripple for salvation, a corporation with its headquarters in San Francisco, could be in consideration. Various companies are interested in FTX-related businesses that were part of the expansive portfolio of the FTX crypto empire.
According to a recent study by Reuters, on the verge of the exchange's ultimate collapse, former FTX CEO Sam Bankman-Fried solicited cash from several people, including Garlinghouse. The CEO of Ripple, however, implied in a recent interview that the FTX exchange was a scam. Garlinghouse emphasised the need for the Bitcoin market to develop.
Despite earlier remarks on FTX, recent reports also revealed that the San Francisco-based fintech firm Ripple is interested in buying the assets of the defunct cryptocurrency exchange FTX. Brad Garlinghouse, CEO of Ripple, declared that he would acquire FTX's commercial customer-focused operations and ownership interests in other businesses. He would then be able to strategically scale the business, which intends to keep expanding despite the bad market. As of earlier developments, FTX filed for Chapter 11 bankruptcy on November 11 after failing to obtain a rescue from several investors.
Justin Sun from Tron joins Ripple in pursuing FTX assets
Justin Sun, the founder of Tron, is also interested in purchasing the assets of the defunct cryptocurrency exchange FTX. He revealed his interest in rescuing the firm after Binance earlier revealed they were pulling out of the FTX acquisition deal. The controversial businessman stated that his staff carefully examined each asset owned by FTX and that he was open to "any sort of agreement." In the Bahamas, FTX Group is now being discussed by representatives of Tron and the Huobi exchange, Sun added.
Tron agreed to establish a credit facility that would enable owners of TRX, BTT, and several other tokens to transfer their holdings off the platform one day before the troubled FTX exchange filed for bankruptcy. When previous CEO Sam Bankman-Fried desperately sought new capital for the exchange to avoid bankruptcy, Sun also made it known that he was prepared to provide FTX billions. The struggling corporation could not obtain a bailout, though, since investors were unwilling to risk their capital. Recent bankruptcy court papers show that FTX currently owes its largest creditors almost $3.1 billion.
BitGo also comes to FTX aid
Another designated custodian to protect the remaining money at FTX is cryptocurrency custodian BitGo. Acting CEO John Ray III chose BitGo to assume possession of the cryptocurrency exchange's assets throughout the bankruptcy process. The co-founder of BitGo had harsh words for Sam Bankman-Fried, the former CEO of FTX. The co-founder claims that SBF committed financial fraud and that this wasn't a problem with cryptocurrencies, but rather with market structure. He believes that trading, funding, and custody should be handled differently.
FTX saga is severely affecting the markets
According to the look of things as of recent times, this level of "severe dread," with a score of 22–23, has been steady for the past month. As traders and major investors, often referred to as gain hunters, start purchasing Bitcoin in huge amounts, this area of the index is characterised by tremendous worry.
BTC temporarily dropped below $15,800 a few days ago. The recent calamity of the FTX exchange declaring bankruptcy and its affiliate trading business, Alameda Research, which it was trying to bail out, was the significant negative factor that drove BTC away from the $20,000 region.
The recent developments surrounding SBF and FTX have caused several firms to back down operations. Genesis, a renowned crypto exchange, is also searching for redemption by any willing investor amid its recent statement that indicated a looming bankruptcy case for the Firm. Many exchanges have also suffered significant losses due to SBF's acts and doings. This scam significantly increased public mistrust of cryptocurrency exchanges. Users started withdrawing large amounts of cryptocurrency into cold wallets. However, indications of recovery have been showing as more investors remained bullish on crypto despite the market crisis.