{"id":507988,"date":"2022-11-08T22:30:00","date_gmt":"2022-11-08T19:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binances-ftx-acquisition-seen-as-chess-move-by-crypto-community\/"},"modified":"2022-11-08T22:30:00","modified_gmt":"2022-11-08T19:30:00","slug":"binances-ftx-acquisition-seen-as-chess-move-by-crypto-community","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binances-ftx-acquisition-seen-as-chess-move-by-crypto-community\/","title":{"rendered":"# Binance&#8217;s FTX acquisition seen as chess move by crypto community"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2578bfd25cc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2578bfd25cc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binances-ftx-acquisition-seen-as-chess-move-by-crypto-community\/#%E2%80%9D_Binances_FTX_acquisition_seen_as_chess_move_by_crypto_community_%E2%80%9C\" >&#8221; Binance&#8217;s FTX acquisition seen as chess move by crypto community  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binances_FTX_acquisition_seen_as_chess_move_by_crypto_community_%E2%80%9C\"><\/span>&#8221; Binance&#8217;s FTX acquisition seen as chess move by crypto community  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvODI1NjRhOTAtNzdmMy00YWMyLTk0MjItZjU4NTNmOWIxNmM2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>&#8220;Who needs Netflix when you are in crypto?&#8221;, commented a user on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> as the crypto industry attempts to digest the acquisition of cryptocurrency exchange FTX by its rival Binance. The deal, disclosed on Nov 8., has been compared with a &#8220;chess move&#8221; by some, insinuating that Binance&#8217;s strategy intentionally led to the deal.<\/p>\n<p>Users on Twitter claimed that &#8220;CZ just executed the most gangster play we&#8217;ve seen in Crypto, ever, period,&#8221; referencing the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of tweets from Binance CEO Changpeng Zhao that triggered the acquistion. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">CZ just executed the most gangster play we&#8217;ve seen in Crypto, ever, period. The BALLS on this man. Truly &#8212; bravo.<\/p>\n<p>Also bravo to Sam to choose the correct option that protects customer assets, swallow his pride, and not burn everything down in an unnecessary fight.<\/p>\n<p>WHAT A SHOW!<\/p>\n<p>\u2014 Autism Capital  (@AutismCapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AutismCapital\/status\/1590014212721758208?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The community also compared the move with Elon&#8217;s Musk Twitter acquisition:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX?ref_src=twsrc%5Etfw\">@SBF_FTX<\/a> <br \/>Another slow poison implemented by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\">@cz_binance<\/a> like <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk?ref_src=twsrc%5Etfw\">@elonmusk<\/a> used against Twitter to acquire it.<br \/>Monopoly<br \/>And we hate it.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&amp;ref_src=twsrc%5Etfw\">#FTX<\/a> is the best exchange.<\/p>\n<p>\u2014 CSTart.hft (@cosmoaker) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cosmoaker\/status\/1590020615670747137?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a brief recap, in a Nov. 6 tweet, Zhao announced the decision to liquidate Binance&#8217;s position on FTX token (FTT) was\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1589283421704290306\">made<\/a> after \u201crecent revelations that have came to light,\u201d citing &#8220;post-exit risk management&#8221; reasons.\u00a0<\/p>\n<p>FTX founder and CEO Sam Bankman-Fried, or SBF, took to Twitter on Nov. 7 to claim that a competitor was trying to go after the cryptocurrency exchange with false rumors. FTX &#8220;assets are fine,&#8221; he said, stating that it had enough funds to cover all client holdings and does not invest client assets, even in treasuries. In the same thread, SBF also called for collaboration with the rival exchange Binance. <\/p>\n<p>As reported by Cointelegraph, the series of tweets triggered a sell-off of FTX Token that broke below the pattern\u2019s support line near $22.50, accompanied by a volume spike. The sell-off continued below the support line and the token is down over 57% in the past 24 hours, negotiated at $9.70 at press time. <\/p>\n<p>In a message to FTX&#8217;s staff this morning, SBF said that $6 billion of net had been withdrawn from the platform in the past 72 hours, leading the exchange to &#8220;effectively pause,&#8221; adding that the situation would be resolved in &#8220;the near future,&#8221;\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/fintech-crypto-ftx-binance\/crypto-exchange-ftx-saw-6-bln-in-withdrawals-in-72-hours-ceo-message-to-staff-idUSL8N3247L7\">according<\/a> to reports. <\/p>\n<p>On Nov. 8, both SBF and CZ announced the acquisition citing a &#8220;liquidity crunch&#8221;, implying that Binance&#8217;s equity liquidation led to FTX&#8217;s insolvency. FTX&#8217;s CEO chose to seek a &#8220;bailout from the competitor that triggered the bank run in the first place&#8221;, wrote a user on Twitter about the legal options the exchange had under the liquidity crisis. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Ok so just processing this out loud because I am pretty mindblown that FTX chose &#8211; of all options, a buyout from Binance. <\/p>\n<p>These were the options open to SBF: (a) seek emergency debt financing, (b) seek new money investment, (c) liquidate assets and\/or (d) buy time&#8230;<\/p>\n<p>\u2014 wassielawyer (@wassielawyer) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/wassielawyer\/status\/1590025892994371584?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The deal still depends on regulatory <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval, and it is unclear whether antitrust concerns would arise from the deal.<\/p>\n<p>Binance signed a non-binding letter of intention (LOI) declaring its intention to buy FTX. Zhao added that Binance was, &#8220;assessing the situation in real time&#8221; and had the ability &#8220;to pull out from the deal at any time.&#8221;<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-s-ftx-acquisition-seen-as-chess-move-by-crypto-community\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance&#8217;s FTX acquisition seen as chess move by crypto community &#8220; &#8220;Who needs Netflix when you are in crypto?&#8221;, commented a user on Twitter as the crypto industry attempts to digest the acquisition of cryptocurrency exchange FTX by its rival Binance. The deal, disclosed on Nov 8., has been compared with a &#8220;chess move&#8221;&#8230;<\/p>\n","protected":false},"author":1,"featured_media":507989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvODI1NjRhOTAtNzdmMy00YWMyLTk0MjItZjU4NTNmOWIxNmM2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,77672,74860,127241,89897,117],"class_list":["post-507988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-changpeng-zhao","tag-cryptocurrency-exchange","tag-ftx-token","tag-sam-bankman-fried","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=507988"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/507989"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=507988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=507988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=507988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}