2022-11-10
Changpeng Zhao signed a letter of intent on November 8, 2022. It is a non-binding agreement to purchase FTX.CZ CEO of Binance wants to check FTX balance sheet first, but finally he does not satisfy with due diligence.
FTX exchange is facing massive withdrawal of cryptocurrencies from the platform due investors' concern over FTX mishandle of custmer funds. $6 billion worth of cryptocurrencies already withdrawn from FTX, caused liquidity probelm to the platform.
The chaos over FTX insufficient reserves makes Bitcoin price goes down 10%, Ethereum 25%, Solana 36%, and FTT prices goes down 51%.
References
-https://www.aljazeera.com/economy/2022/11/9/binance-deal-for-ftx-collapses
-https://www.bbc.com/news/business-63577783
-https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/
