Floki Inu FLOKI/USD is trading sharply lower by 8.81% to $0.000008893 Tuesday evening amid concerns over the financial condition of cryptocurrency exchange FTX. Peer cryptos Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD have also been extremely volatile during Tuesday’s session.

What Happened?

Reports surfaced Tuesday that FTX was halting withdrawals as it saw investors liquidate positions.

As investors were dissecting the news and impact from the selloff, the leaders of Binance and FTX made a surprising announcement.

“This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” Binance CEO Changpeng Zhao tweeted…Read More

According to data from Benzinga Pro, FLOKI is also lower by 16.50% over the trailing week.

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