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FTX, crypto liquidity provider in the summer collapse of other exchanges, is now failing
Posted on 11/8/22 at 1:40 pm
Posted on 11/8/22 at 1:40 pm
quote:
Binance offers to buy FTX’s non-U.S. operations to fix ‘liquidity crunch’
LINK
quote:
Binance and its founder, Changpeng Zhao, were among FTX’s earliest investors. In a tweet, Bankman-Fried said that Binance would be FTX.com’s “first, and last” investor. The acquisition impacts only the non-U.S. businesses, FTX.com. FTX.us will remain independent of Binance. However, according to a 2021 audit, the U.S. parFTTt of FTX accounted for just 5% of total revenue. FTX is based in the Bahamas, where Bankman-Fried resides
quote:
Binance, the world’s largest cryptocurrency firm, has reached a deal with Sam Bankman-Fried’s FTX to buy the rival crypto exchange for an undisclosed amount, rescuing the company from a liquidity crisis. Binance CEO Changpeng Zhao tweeted Tuesday morning that “there is a significant liquidity crunch” at FTX and that after FTX asked for Binance’s help, the company “signed a non-binding” agreement with the intent “to fully acquire LINK and help cover the liquidity crunch.”
Zhao added that Binance, which was initially based in China but now claims no official headquarters, will be conducting full diligence in the coming days, and the firm has the discretion to pull out from the deal at any time.
Sam Bankman-Fried confirmed the agreement in a tweet this morning. The deal marks a cataclysmic collapse for a company that earlier this year was valued by private investors at $32 billion, with ambitions to acquire its way into becoming a crypto giant. Months prior, venture firm Sequoia Capital and BlackRock backed FTX at a $25 billion valuation. Forbes has pegged Bankman-Fried’s net worth at $17 billion, largely from his stake in FTX.
Bankman-Fried told CNBC in an interview over the summer that while FTX isn’t “immune” to the crypto downturn, the company was in a better position than rivals because it had snapped up market share. He also said the company was more responsible in its growth than others in the industry. “We hired a lot less than most places did but we’ve also kind of kept our costs under control,” Bankman-Fried said.
This post was edited on 11/8/22 at 1:45 pm
3
Posted on 11/8/22 at 1:52 pm to slackster
This can't be right. Yield farming is the future of finance!
https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned
https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned
This post was edited on 11/8/22 at 1:53 pm
Posted on 11/8/22 at 2:13 pm to slackster
not a great look to go back and watch my old favorite content creators who talk about crypto over the last two years
Just about every company that sponsored them have failed to stay afloat.
Just about every company that sponsored them have failed to stay afloat.
Posted on 11/8/22 at 2:16 pm to Ross
These MFers were on the World Series umpires uniforms 3 days ago. 
Posted on 11/8/22 at 2:29 pm to slackster
If FTX goes down, we will see a cascade of red unlike we have ever seen before
Posted on 11/8/22 at 6:39 pm to TigerTatorTots
It’s already dead
Posted on 11/8/22 at 7:52 pm to TigerTatorTots
quote:
If FTX goes down, we will see a cascade of red unlike we have ever seen before
Well I mean they followed the playbook to the letter. Everything is fine except we halted withdrawals. But we promise we didn't use your crypto assets for other stuff. Just another day in the Crypto world
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