The latest report on Thursday 30th June showed that Bahamian cryptocurrency exchange FTX Derivatives Exchange passed on a deal to acquire New Jersey-based crypto lending firm Celsius Network.
FTX had begun discussions with Celsius about bailing out the troubled company or acquiring the firm. However, after examining Celsius’ finances, the trading platform walked away and decided to abandon the negotiation talks.
FTX made the move after it assessed that Celsius’ balance sheet added up to a “$2 billion hole,” According to the report, FTX also found out Celsius’ situation is difficult to deal with.
In May last month, Celsius was reported to have $11.8 billion in assets, which is a huge decline from the $25 billion it had in October last year.
On 12th June, Celsius suspended all withdrawals, swaps, and transfers between accounts because of "extreme" market conditions that appeared to have hit the crypto industry.
In recent months, the market for digital assets has been shaken by extreme...
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