Twitter Erupts With Memes as Binance Acquires FTX Amid Crisis

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.”

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.”

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.

Also Read: Coinbase CEO Says No Interest In Buying FTX U.S, COIN Stock Price Tanks 10%