Binance’s market-altering deal to acquire rival FTX might not go through, sources close to the matter told CoinDesk.

On Tuesday, Binance announced a non-binding letter of intent to take over FTX but noted that it needed to perform due diligence on the struggling exchange. Less than a day into the process, Binance is strongly leaning against going through with the deal, the person revealed.

Binance is reportedly reviewing the exchange’s internal data and loan commitments and is yet to decide on whether to complete the acquisition.

However, neither Binance nor FTX have commented on the issue. If Binance scraps the deal, FTX could find itself in a crunch — its native token FTT lost almost 80% of its value in the past several days, its reserves are depleted, withdrawals from Ethereum halted, and user deposits aren’t eligible for any type of insurance.

Earlier, in a shocking turn of events, and following the Twitter controversy between the two entities, Binance CEO Changpeng Zhao had announced that Binance is set to fully acquire FTX.com. There was drama that surrounded the plummeting of the FTX native token, FTT, with many pointing to Binance as the culprit. However, recent developments have seen the two cryptocurrency exchange platforms come together in a historic acquisition.

CZ had said that Binance signed a non-binding letter of intent (LOI) to acquire the company in the coming days. A full due diligence process is expected to be completed in the next few days, as well as more detailed information about the acquisition.