BNB token crashes as Binance struggles with withdrawal issues and FTX connections

162

Binance’s shining star, BNB, has been burning out lately. The cryptocurrency, which boasts a market cap of $39 billion and ranks as the fifth most valuable in the world, has seen its value plummet 15% in the past week. That includes a drop of over 6% in the past day alone.

But Binance’s troubles don’t end there. The company is facing some tough questions about its ability to handle potential clawback demands of a whopping $2.1 billion in the bankruptcy proceedings of rival exchange FTX. Binance was once a major investor in FTX and even considered acquiring the exchange, but ultimately decided against it.

As BNB’s value continues to falter and Binance grapples with the aftermath of its involvement with FTX, it’s unclear what the future holds for the cryptocurrency giant.