Bankman-Fried also stressed that customers would be protected. "Things have come full circle, and 's first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for (pending DD etc.)," he said. "There is a significant liquidity crunch."īankman-Fried echoed this. "This afternoon, FTX asked for our help," tweeted CZ. Hours later, Binance announced it would buy FTX. 8, when news reports suggested FTX had stopped processing withdrawals. Still smarting after the collapse of the Terra ecosystem, FTT holders - including Binance - acted to protect themselves and sell their holdings. This raised fears that Bankman Fried's crypto empire might be built on shaky foundations. It all started last week when a CoinDesk article sparked concern that Bankman-Fried's trading firm, Alameda Research, was overly reliant on FTX's native token, FTT. More: Check out our updated list of best crypto apps including one offer with a $100 crypto bonus Now, it seems that we instead need to add FTX to the list of failing crypto businesses. Indeed, FTX.US recently won an auction to buy the assets of bankrupt crypto lender Voyager. Not so long ago, FTX CEO and founder Sam Bankman-Fried was offering to buy up failing crypto companies for the good of the industry. "To protect users, we signed a non-binding LOI, intending to fully acquire and help cover the liquidity crunch," said Binance CEO, Changpeng Zhao, also known as CZ. After a very public spat and rumors that FTX has liquidity problems, today the CEOs of Binance and FTX issued joint tweets that the two crypto powerhouses had reached an agreement. It's been another surreal week in the crypto world. For coverage of other currencies, we suggest reviewing our list of the best crypto apps and exchanges. House Committee on Financial Services will also be investigating the collapse. On November 11th, FTX filed for bankruptcy and announced that the company's founder and CEO, Samuel Bankman-Fried, is stepping down.
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