Cryptocurrency exchange FTX at risk of bankruptcy

Leading cryptocurrency exchange FTX is facing bankruptcy after failing to secure a rescue deal from its rival Binance.

Binance, the world’s biggest cryptocurrency exchange, said that after due diligence, it would not pursue the deal.

FTX is a big crypto exchange and people use it to buy and sell various crypto currencies.

Concerns about FTX's financial health reportedly triggered $6bn of withdrawals in just three days. Investors are now facing billions of dollars in losses.

Crypto values have slumped on Thursday, with Bitcoin falling to a two-year low.