CZ made a dramatic move and now history could be in the making with Binance set to takeover FTX after the events of the last 24 hours.
All eyes are set on Sam Bankman-Fried and his company Alameda Research after Binance CEO Changpeng Zhao confirmed the liquidation decision of FTT, the native FTX token. This will see $529 million FTT being placed for sale over the next few months.
As the risk of an FTT collapse is real, the former billionaire found himself in a more uncomfortable situation when rumors of secret insolvency made the headlines and investors started fleeing their assets from the exchange.
Binance Could Take Over FTX
The 48-hour roller-coaster drama, however, reached a shocking conclusion when Binance CEO Changpeng Zhao announced Binance Holdings entered into a non-binding agreement to acquire FTX.com.
Binance issued a letter of intent (LOI) to accelerate the acquisition, according to CZ’s official account.
CZ highlighted…
