Backing out would be one more stunning development in the collapse of Sam Bankman-Fried’s crypto empire.

Cryptocurrency exchange giant Binance is highly unlikely to go through with its proposed acquisition of struggling rival FTX after less than a day of reviewing the company, according to a person familiar with the matter.

Roughly half a day into that process of reviewing FTX’s internal data and loan commitments has led Binance to strongly lean against completing the transaction, the person said.

Binance declined to comment on the current status of the proposed deal. FTX also declined to comment.