Let’s preface this article with this statement: the Binance and FTX topic is more fluid than Niagra Falls. The price changes discussed may be the same or wildly different depending on when you read this article.
If you want some context, read this article from yesterday’s Litepaper, it highlights the CZ and SBF Twitter spat over the weekend that spilled over into Tuesday’s blood bath.
The started out with this Tweet from FTX ($FTT.X) CEO Sam Bankman-Fried (SBF):
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.).
— SBF (@SBF_FTX) November 8, 2022
That’s right, a LOI (Letter Of Intent) to purchase FTX.com was signed by Binance/CZ.
The result? FTX’s token FTT doing this:
Down more than -87% at one point, at the time of writing, barley holding onto a -72% loss. We haven’t seen something like this since Terra’s collapse.
We should point out that, according to the Twitter posts, the proposed sale of FTX.com affects just FTX.com. FTX.us is a separate entity, just like Binance.US is different from Binance. Nothing is 100% certain yet.
Look out for tomorrow’s Litepaper as we tackle the insanity of this market! And stay safe out there!