Crypto chaos continues as Binance drops bid to buy rival FTX

Joe Castelluccio is featured in this article.

Experts said the whiplash of the past 24 hours — a bailout followed by a pullout — significantly lowers the chance another suitor would step in. “I think it’s fairly damaging and makes a deal a lot less likely,” said Joe Castelluccio, a partner and mergers-and-acquisitions expert at New York law firm Mayer Brown who specializes in digital assets. “The avenues are suddenly a lot fewer for FTX to get through this without liquidation.”