Binance’s acquisition of FTX and a shift in rhetoric between the heads of the two companies (Binance and FTX)
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Answer Binance’s acquisition of FTX and a shift in rhetoric between the heads of the two companies (Binance and FTX)
After all the rumors surrounding cryptocurrency exchanges Binance and FTX, Binance CEO Changpeng Zhao (CZ) confirmed that his company is planning to buy out rival FTX.
According to CZ, FTX officials have told him that there is an acute liquidity crunch and the need for immediate help.
A few minutes after CZ’s announcement, FTX CEO Sam Bankman Fred confirmed that the deal would take place. His announcement was as follows:
1) Hello everyone: I have some announcements to make.
It’s all done, the first and last investor is the same: we’ve reached an agreement on a strategic deal with Binance.
Read:Three major upcoming events that are expected to increase the volatility of cryptocurrencies… get to know them
He went on to say that the teams that returned to the FTX offices were working to clear up the cloud buildup issues that would eventually eliminate the liquidity crunch.
All assets will be covered in a 1:1 ratio.
He noted that this was one of the main reasons they sought Binance’s help.
Although the two presidents were embroiled in a bitter war of words a few days ago on Twitter, Bankman thanked Mr. CZ, the director of Binance.
He tweeted about it:
CZ has done a great job building the global cryptocurrency ecosystem, creating a freer economic world.
However, it is still not known why Bankman previously claimed that FTX is fine and the assets are fine, as he previously tweeted:
Read:The number of Ethereum holders reaches an all-time high
A competitor is trying to stalk us with false rumours.
FTX is good and the assets are good.
The bottom line:
Whether it is controlling panic selling or completely hiding the facts from the public, this will be the second biggest disaster for cryptocurrencies, after the recent Terra LUNA disaster.
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