Former BitMEX CEO Arthur Hayes believes FTX is ultimately headed for bankruptcy now that Binance has refused to rescue the company.
The exchange co-founder offered his analysis of what the future holds for FTX on Thursday and offered some predictions for how its crisis will impact the market.
FTX Will Go Bankrupt
In a Twitter thread on Wednesday, Hayes asserted that there is no player large enough to buy out FTX, if Binance’s CEO – the richest man in crypto – was unwilling to do so.
Binance signed a non-binding letter of intent with FTX on Monday agreeing to purchase FTX, and help it during its “liquidity crunch.” However, the firm almost immediately backed out of the deal following an alleged government probe into FTX, and a review of FTX’s handling of customer deposits.
Around the same time, a report emerged from the Wall Street Journal that FTX’s CEO, Sam Bankman-Fried, told investors the exchange owed depositors $8 billion. Given the magnitude of the situation
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