Binance CEO Chaongpeng Zhao has signed a letter of intent to acquire FTX.

Binance CEO Chaongpeng Zhao has signed a letter of intent to acquire its competitor FTX. CZ tweeted that FTX asks Binance to bailout because it is facing liquidity crunch. Some FTX users complained on FTX’s Telegram and Twitter that they were facing difficulty withdrawing their fund from FTX.

$360 million worth of Bitcoin were withdrawn from FTX from around November 6, 2022 to November 8, 2022. Massive withdrawal came from the news that CZ Binance CEO will sell FTT tokens hold by Binance. Making FTT price plummet. Amid panic, investors began to withdraw BTC and stablecoins from FTX.

If FTX got bailout from Binance. Sam Bankman-Fried will see his fortune massively wipe out from $16 billion to $1 billion. The price of FTT the native token of FTX has dropped 80% over the past 7 days. From November 2, 2022 to November 9, 2022.

Most of Sam Bankman-Fried’s fortune is in Alameda Research.

Alameda Research founded by Sam Bankman-Fried holds 2 cryptoassets.

1. Solana including

$292 million unlocked SOL

$863 million locked SOL

$41 million SOL collateral

2. FTT token including

$5.82 billion FTT (within $5.82 billion comprises of $3.66 billion unlocked FTT and $2.16 billion FTT collateral)

After all of these news, Bitcoin price has dropped 10% in one day on November 9, 2022.

References

-https://techcrunch.com/2022/11/08/binance-signs-letter-of-intent-to-acquire-ftx/

- https://cryptoslate.com/over-360m-bitcoin-leave-ftx-in-2-days-marking-10th-largest-withdrawal-in-2022/

-https://www.dailymail.co.uk/news/article-11405673/FTXs-CEO-Sam-Bankman-Frieds-16-billion-fortune-EVISCERATED-company-faces-liquidity-crunch.html