• Advertise
  • Submit a Press Release
  • Contact Us
Blockchain & Cryptocurrencies Tabloid
  • Finance & Blockchain News
  • Bitcoin News
    mining

    Increased Demand Requires Increase in Nodes. Here’s Everything You Need to Know About Bitcoin Mining During Lockdown

    Bitcoin wallet

    BitcoinOfficial.org- Create a Bitcoin Wallet. Official Website.

    Bitcoin price

    What Drives Bitcoin Price?

    Mining

    Railway Authorities in Ukraine Shut Down Unlawful Mining Outfit

    Bitcoin

    Economic Crises Will Not Affect Bitcoin: Ledger Founder

    Supply and Demand

    Bitcoin’s Demand and Supply Dynamics are Constant: Bitwise COO

  • Altcoin News
    • All
    • Bitcoin Cash
    • Cardano
    • EOS
    • Ethereum
    • Litecoin
    • Monero
    • Ripple
    • Stellar
    price prediction

    Bitcoin, Ethereum, and Ripple Price Prediction in June 2020

    XTZ

    TEZOS (XTZ) Join the Top 10 Crypto Coin List

    MakerDAO

    MakerDAO to Implement New Security Feature After Loophole Detected in System

    BCH

    BCH Successfully Completed a Scheduled Fork, Added Minor Upgrades

    CUSD Stablecoin

    Canadian BVCI Launches Another Stablecoin CUSD

    EOS network

    EOS Network Is Running on Borrowed Resources After EIDOS Airdrop

    Trending Tags

    • Ethereum
    • Bitcoin Cash
    • Litecoin
    • Monero
    • Ripple
  • Crypto 101
    • All
    • Cryptocurrencies
    • Exchanges
    • Services
    • Wallets
    How to Make the Right Decision before Investing in Crypto

    How to Make the Right Decision Before Investing in Crypto

    Decentralized Marketplace

    What are Decentralized Marketplaces?

    Cryptocurrency is Here to Stay

    5 Reasons Why Cryptocurrency Is Here to Stay

    Web3 Pets

    Spotlight on Web3 Pets – Will 2023 Be Their Year?

    Crypto Swapping

    A Definitive Guide on Swapping Cryptocurrency

    crypto casino games

    What Are the Most Profitable Crypto Casino Games?

  • Blockchain Events
No Result
View All Result
Blockchain & Cryptocurrencies Tabloid
No Result
View All Result

CZ tweets on FTX: “Sad day. Tried, but [crying emoji]”

Hellen by Hellen
November 10, 2022
in Latest News

CZ, the CEO of Binance, tweets, “Sad day. Tried, but [crying emoji],” regarding the fully acquire of FTX.com. 

Sad day. Tried, but 😭

— CZ 🔶 Binance (@cz_binance) November 9, 2022

On November 8, Changpeng Zhao, the CEO of the leading cryptocurrency platform, Binance, announced on his Twitter account his intention to fully acquire FTX.com: “This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.” 

One day later, Binance announced that it was walking out of a non-binding deal or a bailout deal to purchase failing rival FTX Trading. 

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com”, Binance announced on its Twitter account. “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.” 

As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f.

— Binance (@binance) November 9, 2022

The context 

On November 5, 2022, CZ tweeted, “As part of Binance’s exit from FTX equity last year, Binance received roughly USD 2.1 billion equivalent in cash (BUSD and FTT). Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books.” 

Also, CZ explained the FTT liquidation was “just post-exit risk management”, hinting at lessons learned from the fall of Terra’s Luna Classic (LUNC) and how it impacted investors and the market. 

Zhao published his tweet soon after a report from CoinDesk suggesting that the bulk of the holdings of Alameda, Bankman-Fried’s hedge fund, were in FTT. 

In the CoinDesk report, they pointed out that Alameda’s Research balance sheet is full of FTT, the native token of FTX.com. Thus, Bankman-Fried’s trading firm Alameda rests on a foundation primarily made up of a coin that a sister company assumed, not an independent asset comparable to a fiat currency or another crypto. This position suggests that the ties between FTX and Alameda are unusually close. 

After that, some investors saw that 22,999,999 #FTT (USD 584,818,174), the native token of FTX.com, was transferred from an unknown wallet to Binance; CZ confirmed this transaction as part of FTX equity invested by Binance. 

After all this news, the market went crazy, all sorts of rumors started, and it is suspected that none of the FTX.com CEO Sam Bankman-Fried’s entities, be it FTX.com or Alameda Research, have the funds they claim to have. 

FTX.com CEO’s reaction 

Bankman-Fried currently provides too few answers on recent events. The founder dismissed balance sheet concerns in a tweet. “A competitor is trying to go after us with false rumors”, FTX’s Bankman-Fried said. 

Besides, Sam Bankman-Fried said in his tweets that FTX keeps “audited financials” and is “highly regulated”. However, these tweets have since disappeared from his page. 

In the past months, FTX CEO Sam Bankman-Fried has come out with a hot take about the fact that “There are some third-tier exchanges that are already secretly insolvent”. FTX’s current situation is not far from what he said. 

However, after all the above, FTX appears to have paused processing clients’ requests for withdrawals, and Alameda’s Research website is set to private. 

Graphical user interface, text Description automatically generated

The market’s aftereffect 

This event has started a further downtrend in the entire cryptocurrency market. The global cryptocurrency market cap has fallen by almost USD 200 billion in the last three days. During the previous five days, FTT token price plummeted by over 85%. The actual cost of the FTT token on November 10 is USD 2.80.  

Also, Bitcoin dropped below USD 16,000 after Binance pulled out of the deal, regaining some ground afterward. 

Featured Image: pexels.com

Previous Post

Google Cloud Is Indexing Solana Data and Bringing it to BigQuery

Next Post

Bet on Qatar 2022: Take Part in Ticket Rush from 1xBit

Hellen

Hellen

Invest at your own risk notice : The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.

Related Posts

Google Cloud Is Indexing Solana Data

Google Cloud Is Indexing Solana Data and Bringing it to BigQuery

by Hellen
November 8, 2022

Google Cloud has announced that it is working with Solana to bring Blockchain Node Engine to the Solana chain next...

Mark Zuckerberg’s Meta Mismanagement Ruined the Stock Price

by Hellen
October 27, 2022

If you checked the stock market, Meta's stock has reached $114.20. Not bad, some would say. But considering that the...

What Is “Play-to-Earn” Gaming?

by Hellen
May 19, 2022

To think about all the ways that life has changed over the last twenty years thanks to the unprecedented rise...

health blockchain

Patient Data-Ownership Movement Launched

by Hellen
April 15, 2021

EHR Data has been hard at work for the past couple of years in developing a global healthcare database on...

Froge Coin

FROGE Coin Is Now Live – Get It While It’s Fresh

by Hellen
March 10, 2021

Today marks the launch of the biggest meme coin competitor- Froge Coin . The blockchain is an all-in-one cryptosystem that...

Wright

Craig Wright: Bitcoin Is Not Anti-bank

by Hellen
March 8, 2021

Bitcoin creator and nChain chief scientist Dr. Craig S. Wright, explains in detail the Bitcoin white paper he wrote in...

We Recommend

Top Rated Casinos
Bitstarz Casino

BitcoinCasino.io
Top Crypto Betting
1xBit.com
Top Rated Exchanges
Binance Exchange

Bityard.com
Top Advertising Services
Coinzilla Display Network
Top Crypto Wallets
Ledger Nano X

Guides & Reviews

How to Make the Right Decision before Investing in Crypto

How to Make the Right Decision Before Investing in Crypto

January 18, 2023
Decentralized Marketplace

What are Decentralized Marketplaces?

January 16, 2023
Cryptocurrency is Here to Stay

5 Reasons Why Cryptocurrency Is Here to Stay

January 11, 2023
Web3 Pets

Spotlight on Web3 Pets – Will 2023 Be Their Year?

January 10, 2023

  • Terms and Conditions
  • Privacy Policy
  • Advertise
  • About Us
  • Contact Us

© 2018-2019 theccpress.com by Brantell Media.

No Result
View All Result
  • Finance & Blockchain News
  • Bitcoin News
  • Altcoin News
  • Crypto 101
  • Blockchain Events

© 2018 - 2019 theccpress.com, a Brantell Media project.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.