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Binance triggers liquidity crisis, then acquires Bankman-Fried crypto exchange FTX
Sam Bankman-Fried's Twitter account posted a thread claiming that Binance had purchased the exchange he built into a global crypto titan. The native token of Sam Bankman-Fried's cryptocurrency exchange FTT is surging following the disclosure of the supposedly impending Binance buyout, having recovered from a low of $14.57 to over $19 at the time of writing - a 36% recovery. Binance founder Changpeng Zhao also tweeted about the deal, noting: "This afternoon FTX asked for our help. There is a significant liquidity crisis. To protect users, we have issued a non-binding...
Binance triggers liquidity crisis, then acquires Bankman-Fried crypto exchange FTX
Sam Bankman-Fried's Twitter account posted a thread claiming that Binance had purchased the exchange he built into a global crypto titan.
The native token of Sam Bankman-Fried's cryptocurrency exchange FTT is surging following the disclosure of the supposedly impending Binance buyout, having recovered from a low of $14.57 to over $19 at the time of writing - a 36% recovery.
Binance founder Changpeng Zhao also tweeted about the deal, noting: "This afternoon FTX asked for our help. There is a significant liquidity crisis. To protect users, we have signed a non-binding LOI intending to acquire in full FTX.com and help cover the liquidity crisis. We will conduct a full DD in the coming days.”
Bitcoin and Ether are both recovering quickly since a steep decline on Saturday evening - when Zhao stated that Binance would soon dump hundreds of millions of dollars in FTX's native token FTT in response to rumors of Alameda Research's bankruptcy.
This is a developing story and will be updated.
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The post Binance Triggers Liquidity Crisis Then Acquires Bankman-Fried's FTX Crypto Exchange is not financial advice.