The near-collapse of FTX, one of the world's biggestcryptocurrencies exchanges, has had a huge impact on the digital assets market.
On Tuesday, FTX struck a deal with a larger rival after a surge of withdrawals.
In just three days, concerns about FTX's financial health triggered $6 billion in withdrawals.
FTX's non- US unit will be bought by Binance.
Sam Bankman- Fried and Changpeng "CZ" Zhao are two of the most powerful people in the market.
The pressure on FTX was brought on by Mr Zhao, who said on Sunday that he would sell his holdings of FTX's digital token.
He said that due to recent revelations, they have decided to liquidate any remaining FTT. This week, the value of FTT has plummeted.
FTX asked for our assistance this afternoon. There is a shortage of funds.
Mr Bankman-Fried said that their teams are working on clearing out the withdraw queue. All assets will be covered1:1.
1) Hey all: I have a few announcements to make.
Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
All Rights Reserved © 2024
