Huge twist in FTX/Binance case. On Twitter, Sam Bankman-Fried (CEO of FTX) and Changpeng Zhao (CEO of Binance) said they had reached an agreement. The giant Binance could be in the process of buying FTX.
FTX soon to be absorbed by Binance?
Binance is about to buy FTXthe platform currently experiencing a major liquidity crisis.
The information comes to us directly from Changpeng Zhao, CEO of Binance:
“This afternoon, FTX asked for our help. There is a significant cash shortage. To protect users, we have signed a non-binding offer, intending to fully acquire FTX.com and help cover the cash shortage. We will be performing a full due diligence in the coming days. »
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 https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
FTX founder Sam Bankman-Fried also tweeted about it:
“The circle is complete and the first and last investors of FTX.com are the same: we have reached an agreement on a strategic transaction with Binance for FTX.com (pending due diligence, etc.). »
It should be clarified that a non-binding offer does not commit Binance to buy FTX. The platform is still entitled to reverse its decision.
Furthermore, terms of the agreement were not disclosed at the time of writing these lines.
This announcement is debated within the crypto-community. FTX being one of Binance’s biggest competitors, if the platform and its users are absorbed, Binance’s control of the cryptocurrency market will only be greaterwhich does not bode well in many respects.
👉 What happened between Binance and FTX?
The FTT token crashes sharply
Since the announcement, the price of the FTT token has started a dizzying fall, losing more than 60% of its value in just 2 hours.
The price of FTT has thus gone from $21 to almost $9an unprecedented drop for the FTX token:
FTT price evolution since the announcement
Source: Trading View
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Clement Wardzala
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