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On Tuesday, the cryptocurrency market took a hit as Binance CEO Changpeng Zhao, popularly known as CZ, revealed that the company would liquidate its entire FTX holdings. This announcement sent shockwaves across the sector, resulting in a sell-off that pushed the exchange (FTX) into a liquidity crisis.
Later, Binance CEO Changpeng Zhao announced that his company has agreed to buy competitor Sam Bankman-Fried’s FTX for an undisclosed amount.
CZ tweeted that they have signed a non-binding Letter of Intent (LOI) to fully acquire the FTX cryptocurrency exchange.
According to CZ, FTX executives contacted Binance due to a serious liquidity crisis. And he has agreed to “help them out.”
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
After the news broke, Binance Coin (BNB), FTT’s equivalent on Binance’s exchange, increased 10% to $368.07. If the merger goes through, it will unite two of the world’s major cryptocurrency exchanges.
Bankman-Fried confirmed the arrangement in a separate Twitter thread, stating that the two exchanges had reached an agreement on a “strategic transaction.”
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
Sam Bankman-Fried was regarded as a “crypto savior” due to his decision to bailout troubled crypto companies like Voyager Digital and BlockFi with a hefty $750 million investment. A few months ago, he claimed that he had “a “ballpark billion” dollars to throw at struggling crypto companies. SBF had also previously expressed an interest in acquiring Twitter with Elon Musk.
Also Read: SBF Net Worth Down By 94%; Loses Billionaire Tag
After this announcement, Twitter erupted with memes, especially commenting on the power dynamics between SBF and CZ.
You guys are ON IT pic.twitter.com/gnAKup0Wik
— Magic Eden 🪄 (@MagicEden) November 8, 2022
CZ really the goat pic.twitter.com/lnIHmdkR8C
— Crypto Tea (@CryptoTea_) November 8, 2022
"a strategic transaction" pic.twitter.com/PkYxxHc58d
— jonah baer (@JonahBaer) November 8, 2022
Mission accomplished pic.twitter.com/bXDs3rDCqI
— Fintwit (@fintwit_news) November 8, 2022
Good Game folks…
Now FTX Arena = CZ Arena. pic.twitter.com/a1Yqctq0m9— CryptoSEA | SouthEastAsia.eth (@PandaAsiaStreet) November 8, 2022
The bear market of 2022 claims another victim pic.twitter.com/gCwKaUZGKK
— yzy.eth (@LilMoonLambo) November 8, 2022
— TacoRollz (@RollzTaco) November 8, 2022
What a Day for @SBF_FTX $FTT! It looks like @ErikVorhees Gave an alley-oop to @CZ_Binance while #DEFI is in disbelief. #DunkedOn #Crypto #CryptoCurrency #Banksters pic.twitter.com/a34zt7wQB6
— Randy Hilarski (@RandyHilarski) November 8, 2022
CZ is the real king pic.twitter.com/8IeswssvO3
— 𝙒𝙊𝙇𝙁_𝙊𝙁_𝙉𝙊𝙍 (@WOLF_OF_NOR) November 8, 2022
⬇️4 of 7⬇️https://t.co/xBwKnfnplD pic.twitter.com/IW8G93d2I1
— 🃏FLȎ̶͖̽̌̾̈̄̍̀̆̆́͑͌͝Ki🟣VGXhero/DrEvil🌐FTXvillain (@VGX_Floki) November 8, 2022
Made a funny thread meme story to cover @cz_binance 🔥 @SBF_FTX & 2 ask:
How can @investvoyager & @VoyagerUCC possibly justify selling customers & assets 2 into this @FTX_Official wild fire going on?
ThreeErrorsCapital(3AC) has burned enough people.
(Show as Thread)
⬇️1 of 7⬇️ https://t.co/OKZCHfRleY pic.twitter.com/NdghSLiy4W— 🃏FLȎ̶͖̽̌̾̈̄̍̀̆̆́͑͌͝Ki🟣VGXhero/DrEvil🌐FTXvillain (@VGX_Floki) November 8, 2022
⬇️5 of 7⬇️https://t.co/x1ekx6a4Ql pic.twitter.com/ScFUQExgz5
— 🃏FLȎ̶͖̽̌̾̈̄̍̀̆̆́͑͌͝Ki🟣VGXhero/DrEvil🌐FTXvillain (@VGX_Floki) November 8, 2022
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