Binance is acquiring almost bankrupt FTX

A lot can happen in 24 hours especially in the crypto world.

World’s second biggest crypto exchange almost became bankrupt based on the “rumours” that their assets were lesser than their liabilities in the form of FTT token which basically gets printed out of thin air and is lended to Alameda research (which is kinda like the sister company of the FTX)

Binance CEO tweets that they are exiting their stake of 2 billion FTTs in FTX , people start panic selling and as a result of liquidity crunch, FTX approaches binance to acquire it. the token gets crushed by 85% from 22$ to 2.7$ and with that, majority of the cryptos witnessed 10-30% fall.

Here’s a tweet thread which summarises the story:

1 Like

Pushed ETH back to last month’s bottom base and broke the trend. Ouch.


This company was going to acquire Robinhood few months ago.

Crazy how time changes everything.

More pain.

And now binance says SORRY , we can’t buy you. :joy: Crypto space is a gift that keeps on giving

I have been trading for a while but cryptocurrencies always confused me

It is in times like this that the real value of crypto currencies would be seen.

Any estimates on how low it will go?

Finshots has explained the ongoing FTX Fiasco which has rattled the crypto world this week :