Crypto kid Sam Bankman-Fried falls prey to Binance

News Snapshot:

By Daniel Hoffman Sam Bankman-Fried has undergone a rapid transformation from top of the heap in the world of cryptocurrencies as chief of the FTX digital exchange to embattled executive forced to seek help from rival Binance. The rapid about-face was a shock: Only Monday, Bankman-Fried insisted FTX was financially stable. But in a tweet Tuesday, Changpeng Zhao, head of Binance, the world’s largest cryptocurrency platform, said the group had signed a non-binding letter of intent “to fully acquire FTX.com,” in response to the company’s request for help amid “a significant liquidity crunch”. It was a stunning setback for the...