After less than a day of assessing the company, cryptocurrency exchange Binance is reportedly unlikely to proceed with an acquisition of rival FTX.
Due diligence was a condition of Binance's non-binding letter of intent for the acquisition, which was made public on Tuesday.
If Binance backs out, who could buy FTX? Yoni Assia, for one — the founder and CEO of eToro.
What Happened: Assia, in the midst of the nascent crypto industry drama, tendered a potential deal to FTX on Tuesday, directly saying to FTX CEO Sam Bankman-Fried via Twitter, “happy to give a competing offer!” as the FTX CEO made the announcement that Binance could acquire the alleged insolvent company.
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The gap between liabilites and assets at FTX is "probably in the billions, and possibly more than $6 billion," a person familiar with the matter told Bloomberg.
A Binance spokesperson told the publication the company is in its early stages of due diligence and would communicate further if it has something substantial to share.
Read next: This US Senator Wants New Regulations To Protect Consumers Following FTX-Binance Debacle
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