Despite the news that crypto marketplace and TSM naming sponsor FTX would be acquired by rival Binance, new statements from Binance make FTX’s future look bleaker. Binance announced today that it will not conduct the acquisition of FTX due diligence from any company.
Binance’s statement cited news reports that FTX had previously mishandled client funds as part of its decision. Binance said its hope is to be able to support FTXs customers at a price, but the issue is unknown.
Due to company due diligence and the latest news reports of misused customer funds and alleged US government investigations, we have decided not to pursue the potential acquisition of
Binance (@binance) November 9, 2022
The equilibrium of the proposed exchange rate could raise big doubts about the overall stability of the bitcoin exchange, which, however, are not entirely possible.
The news will surely send FTX stocks plummeting further than they already have. Sam Bankman-Fried, founder of FTX, reportedly lost 94 percent of his net worth in one day, from $16 billion to about $1 billion. FTXs and other technologies will add scary volatility to the crypto market once crypto holders find funds.
How that affects TSM and the $10 million naming rights deal the organization signed with FTX last year is still unclear. FTX remains on TSM’s social accounts and many org players’ names at the time of writing.
But if this news spreads further on FTX and if the crypto market crashes, it’s easy to see how complicated the 10-year naming rights deal with the TSM would be a few miles from now.
https://game-news24.com/2022/11/09/a-plan-to-acquire-the-tsm-sponsor-ftx-carries-a-clear-dispersion-no-doubt-about-the-future-of-partnership-is-set-yet-to-be-announced/ A plan to acquire the TSM sponsor FTX carries a clear dispersion. No doubt about the future of partnership is set yet to be announced