Sam Bankman-Fried’s Twitter account has posted a thread claiming that Binance has purchased FTX, the trade that he had constructed into a world crypto titan.

FTX’s native token, FTT, is hovering following disclosure of the alleged impending Binance buyout, and has recovered from a low of $14.57 to over $19 — a 36% restoration. FTT went on to crash to beneath $10, down practically 60% on the day as of 1:30 pm, ET.

Solana’s native asset, additionally closely backed by Bankman-Fried, had recovered 22% from its native low of $24.77 posted earlier at the moment. The token had fallen as much as 30% all through the public feud, which had principally performed out through Twitter. It’s now hovering again round these lows.

SOL and FTT briefly pumped earlier than tanking significantly

Binance founder Changpeng Zhao tweeted in regards to the deal, noting that, “This afternoon, FTX requested for our assist.”

“There’s a vital liquidity crunch. To guard customers, we signed a non-binding LOI, intending to completely purchase and assist cowl the liquidity crunch. We might be conducting a full DD within the coming days,” Zhao mentioned.

Bitcoin and ether are each recovering quick since a precipitous drop on Saturday night time — when Zhao declared Binance would quickly dump lots of of tens of millions of {dollars} in FTX’s native token FTT in response to rumors of Alameda Analysis’s insolvency.

Regardless of the impartial identify, Alameda Analysis is Bankman-Fried’s quantitative crypto buying and selling store, which typically doubles as a enterprise capital agency. 

It’s technically a separate firm to crypto trade FTX, however leaked paperwork earlier this month prompt the unit maintained appreciable publicity to Bankman-Fried-backed tokens FTT and solana.

Alameda CEO Caroline Ellison has mentioned the leaked stability sheet omits some $10 billion in different property, in addition to funding hedges on its lengthy positions cited within the doc. 

Whereas crypto markets total had turned bitter for the reason that Binance founder successfully declared warfare on direct rival Sam Bankman-Fried, cryptocurrencies within the latter’s direct orbit had been tanking far worse than the blue chips.

Serum, the native token of the decentralized trade of the identical identify co-founded by Bankman-Fried, had misplaced 9% over the previous three days as of 11:15 am ET. Bonfida (FIDA), one other token powering Solana’s decentralized market ecosystem, was down 10%. 

Each property, alongside solana and FTT, had been featured in Alameda Analysis’s leaked stability sheet printed final week.

Up to date Nov. 8 at 1:18 pm ET.

Get the day’s prime crypto information and insights delivered to your inbox each night. Subscribe to Blockworks’ free e-newsletter now.

  • Blockworks


    David Canellis is an editor and journalist based mostly in Amsterdam who has coated the crypto trade full time since 2018. He is closely targeted on data-driven reporting to establish and map tendencies throughout the ecosystem, from bitcoin to DeFi, crypto shares to NFTs and past. Contact David through e-mail at [email protected]

Supply hyperlink


Please enter your comment!
Please enter your name here