cryptobriefing.com
The world’s largest crypto exchange has struck a deal to acquire the world’s second-largest exchange.
Buyout
After days of butting heads on Twitter amid rumors of financial troubles at FTX and Alameda Research, Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried appear to have struck a deal that will see Binance acquire FTX.
FTX and the closely-affiliated Alameda Research have been plagued with rumors of financial woes since last week, when a leaked balance sheet revealed that Alameda’s assets consisted substantially of illiquid FTT and Solana-based tokens.
The controversy has led to a bank run on FTX’s exchange that intensified today.
1) Hey all: I have a few announcements to make.
Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
— SBF (@SBF_FTX) November 8, 2022
This is a developing story and will be updated as new information emerges.
Disclosure: At the time of writing, the author of this piece owned SOL, BNB, and several other digital assets.