Incredible twist in the deal that has been rocking the cryptosphere since Sunday. Via Twitter, Changpeng Zhao, CEO of Binance, and Sam Bankman-Fried, the head of FTX, would have reached an agreement to An agreement was reached under which the former would buy the troubled platform from its rival.
Will FTX be acquired by Binance?
Here is the latest news of this crazy day: Binance intends to acquire FTXrumors of insolvency were beginning to spread with supporting evidence. It was Changpeng Zhao himself who broke the news.
FTX asked for our help this afternoon. There is a severe shortage of cash. To protect users, we have signed a non-binding letter of intent, intending to fully acquire FTX and help cover the liquidity shortage. We will conduct full due diligence over the next few days. There is a lot to cover and it will take some time. This is a very dynamic situation and we are evaluating the situation in real time.
CZ on Twitter
The founder of FTX, who had remained silent as the crisis deepened, came out to confirm the ongoing deal. He said he actually asked Binance to intervene, with the aim of "solving liquidity problems". and to cover activities on a 1: 1 basis.
We have come full circle 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.).
SBF on Twitter
However, nothing is decided yet.
Binance has the option to withdraw from the transaction at any time. We expect the FTT token to be very volatile in the coming days, depending on how the situation evolves.
CZ on Twitter
On his side, FTX is allegedly trying to raise outside capital from venture capitalists. before accepting the deal with Binance. According to sources close to the company and reported by The block, the company would be looking to raise $ 10-20 billion.
From executioner to savior, if FTX falls on Binance's lap, Chanpeng Zhao will have landed a masterstroke. But the story is probably far from over. A reversal of the trend is possible, based on the information that emerged during the review of the financial situation of FTX.
