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In the midst of its ongoing liquidity crisis, Binance is planning to acquire FTX.

05/12/2022
07/12/2022
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MetaVentures Bangkok 2022

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14/12/2022
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ICBM Expo

Dubai, UAE
03/03/2023

Things have gone full circle, and FTX.com’s initial, and final, investors are the same,” Sam Bankman-Fried, CEO of FTX, also known as SBF, tweeted. “We have agreed to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.).”

 
Binance has indicated, via the signing of a non-binding letter of intent (LOI), that it intends to completely buy FTX and assist in covering the liquidity shortage that the latter is experiencing; however, the specific financial specifics of the acquisition have not yet been released.
 
The CEO of Binance, CZ, said that the company retains the right to withdraw from the transaction at any point, and given the very fluid nature of the circumstance, the Binance team is now evaluating the situation in real time.

So how did it all end up like this? Well, the past few days have been very traumatizing for the community since SBF’s crypto trading firm Alameda Research’s balance sheet got leaked showing its exposure to FTXs native token FTT.

Later, CZ announced Binance is liquidating its FTT tokens that they received last year as part of Binance’s exit from FTX equity “due to recent revelations.” 

This caused widespread panic and users started withdrawing their assets from the exchange while the value of FTT plummeted on the side.

“A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine,” SBF tweeted but his words did bite him back in the end.

As per his latest statement, SBF asserts that customers are protected and thanked CZ, Binance, and all FTX supporters for their assistance. 

“I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands,” SBF praised Binance like no other.

SBF did clarify that FTX US and Binance US are two separate companies and are not currently impacted by this.  

But the main issue is that Binance is only gearing up to acquire FTX and not Alameda Research which is the root cause for this insolvency. 

Meanwhile, SBF’s net worth went down from $16 billion to $991 million in 24 hours, and currently, the FTT token is trading at a price of $4, down 70%.

Rumors are floating in saying that FTX tampered with users’ assets for its trading operations in Alameda Research and used FTT as collateral leaving a giant hole in the balance sheet. 

People are worried about how big is the gap in the balance sheet for FTX to agree to a buyout by its rival Binance who exposed its insolvency in the first place.

This event is going to be more traumatizing than the Terra collapse as it concerns one of the trusted top exchanges, who a few months back, was playing a savior role to help companies who got affected by the Terra-LUNA crash.

Yesterday FTX even halted withdrawals for a few hours causing more panic and users expecting a Celsius-style fallout in the end.

Now what we don’t know is if Binance will ultimately buy FTX and protect the users who got adversely affected but even that wouldn’t justify FTXs act of messing with users’ assets while a few days back they claimed everything is OK.

Compiled by Coinbold

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