FTX collapsed after a deal with Binance failed and tension is arising in the Cryptocurrency industry.

The crypto industry faces developing strife after Binance left on Wednesday from its deal to protect its striving rival, FTX.

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The prices of significant tokens like Bitcoin and Ether have fallen strongly in the past 24 hours due to the deal failure.

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Furthermore, FTX presently faces ruin as it struggles with a shortfall of funding of maybe $8 billion.

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Binance company didn’t like what it saw when it looked into FTX's books, the company said on Twitter.

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Referring to "S.B.F. attempted to set up Alameda Research, an FTX exchanging affiliate, with billions in assets from the trade, including client assets."

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FTX itself is presently in chaos. A lot of its legal staff including its general counsel, Can Sun has left, while Alameda has taken down its website.

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In the meantime, Sam Bankman-Fried is looking for billions in emergency funding to protect his company FTX.

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"Please accept my apologies that we got into this spot, and for my part in it," S.B.F. told workers yesterday.

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"This will be devastating for the environment temporarily," Jay Jog, the co-founder of the blockchain company Sei Network said.

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