Cryptocurrency Exchange FTX; Celsius Announces It Has Withdrawn From The Deal

Cryptocurrency exchange FTX has announced that it has abandoned a deal with cryptocurrency lending company Celsius.

FTX, a cryptocurrency exchange with a trading volume of $10 billion and more than one million users, had been in talks with cryptocurrency lending company Celsius about providing financial support or acquiring the company, but after a review of Celsius' financial situation, the deal was abandoned, according to a statement by The Block. One of the sources noted that Celsius had a $2 billion deficit on its balance sheet and that FTX was struggling to deal with the company. FTX Abandons Celsius Deal Celsius, one of the companies most affected by the sharp declines in the crypto asset markets, has been losing strength day by day as it struggles to hold on since it froze all withdrawals on June 12, citing "extreme market conditions". Celsius, which is said to be still stuck after clients froze transactions in their funds, claimed 1.7 million clients and about $12 billion in assets under management in May. The last official update of Celsius, which maintained its silence, took place on June 19, when the company said its goal is to "continue to stabilize their liquidity and operations." Source: btchaber.com