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CEO of Binance, Changpeng Zhao (CZ), has acknowledged that his company intends to acquire FTX, despite all the speculations that have circulated about the cryptocurrency exchanges Binance and FTX.
Following CZ's declaration, Sam Bankman-Fried, the CEO of FTX, said the acquisition by Binance of FTX would go ahead.
The CEO of Binance, Changpeng Zhao (CZ), has acknowledged that his company intends to acquire FTX, despite all the speculations that have circulated about the cryptocurrency exchanges Binance and FTX. CZ claims that FTX representatives informed him that there is an urgent need for assistance due to a serious cash shortage.
A short while after CZ made his announcement, Sam Bankman-Fried, CEO of FTX, said the transaction will proceed.
He continued by saying that personnel at the FTX offices were working to remove the backlog of withdrawals, which would end liquidity problems. Furthermore, every asset would be covered 1:1. He stated that this was one of the key causes behind their request for Binance's assistance.
SBF thanked CZ despite the fact that the two bosses were engaged in a contentious Twitter battle a few days prior. He tweeted further,
CZ has done and will continue to do a tremendous job of supporting economic freedom and growing the global crypto ecosystem.
Why SBF first asserted that "FTX is fine" and "assets are fine" is still a mystery.
This would rank as the second biggest cryptocurrency fiasco in recent memory, behind the Terra LUNA de-peg, whether it was done to suppress panic selling or outright conceal information from the general public.