Tuesday, 08 November 2022, 9:20 pm
FTX fell as much as 75% this evening, after Binance, a crypto exchange, made an exciting deal to acquire its rival.
FTX, headed by billionaire Sam Bankman Fried, has been involved in a major feud against Binance Chairman Changpeng Zhao in the recent days. This has prompted investors to exit FTX.
But the argument took a turn similar to Binance announceShe will buy her rival in order to keep her from falling apart.
Zhao tweeted, “This afternoon, FTX requested our help,”
There is a significant liquidity crunch. We have signed a non-binding statement of intent to protect users and ensure full acquisition [FTX]help to solve the liquidity crisis
He stated that the company would perform all due diligence “in coming days”.
The deal will combine two of the largest exchanges in the industry and could fundamentally change the sector.
However, shock waves erupted across the wider cryptocurrency market.
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