March 28, 2024

The 48-hour crypto drama ended in shock. Binance CZ Buys Rival FTX After Sam Bankman-Fried Faces Liquidity Crisis

The giants of the crypto exchange have teamed up after a quarrel between the founders.

FTX saves crypto firms before the mass marketwithdrawal of funds.

On Tuesday, the 48-hour crypto drama endedshock when Binance Holdings Ltd. agreed to acquire its most formidable competitor, FTX.com, after helping spark an exodus of investors from the three-year-old billionaire Sam Bankman Fried.

A sharp turn of events will change the industry costmore than $1 trillion against the backdrop of a possible protracted downturn in the market. The two founders made the announcement on Twitter at the same time. “To protect users, we have signed a non-binding LOI, intending to fully acquire FTX.com and help address the liquidity crisis,” Binance CEO Changpeng Zhao tweeted. The terms were not disclosed.

www.bloomberg.com/news/articles/2022-11-08/crypto-exchange-binance-to-buy-rival-ftx-com-terms-undisclosed?srnd=premium

The collapse of the big stock exchange would also hit the buyer.

By the way, I haven't bought it yet.