On Tuesday, the cryptocurrency market took a hit as Binance CEO Changpeng Zhao, popularly known as CZ, revealed that the company would liquidate its entire FTX holdings. This announcement sent shockwaves across the sector, resulting in a sell-off that pushed the exchange (FTX) into a liquidity crisis.
Later, Binance CEO Changpeng Zhao announced that his company has agreed to buy competitor Sam Bankman-Fried’s FTX for an undisclosed amount.
CZ tweeted that they have signed a non-binding Letter of Intent (LOI) to fully acquire the FTX cryptocurrency exchange.
Laut CZ hunn FTX-Exekutoren Binance kontaktéiert wéinst enger schlëmmer Liquiditéitskris. An hien huet ausgemaach hinnen ze hëllefen.
Haut de Mëtteg huet d'FTX eis Hëllef gefrot. Et gëtt eng bedeitend Liquiditéitskris. Fir d'Benotzer ze schützen, hu mir en onverbindleche LOI ënnerschriwwen, fir voll ze kréien https://t.co/BGtFlCmLXB an hëllefen d'Liquiditéitscrunch ze decken. Mir wäerten an den nächsten Deeg eng voll DD maachen.
- CZ 🔶 Binance (@cz_binance) November 8, 2022
After the news broke, Binance Coin (BNB), FTT’s equivalent on Binance’s exchange, increased 10% to $368.07. If the merger goes through, it will unite two of the world’s major cryptocurrency exchanges.
bankman-frittéiert confirmed the arrangement in a separate Twitter thread, stating that the two exchanges had reached an agreement on a “strategic transaction.”
1) Hey all: Ech hunn e puer Ukënnegung ze maachen.
D'Saache sinn voller Krees komm, an https://t.co/DWPOotRHcXDéi éischt, a lescht, Investisseuren sinn déiselwecht: mir sinn zu engem Accord iwwer eng strategesch Transaktioun mat Binance fir https://t.co/DWPOotRHcX (abend op DD etc.).
- SBF (@SBF_FTX) November 8, 2022
Sam Bankman-Fried was regarded as a “crypto savior” due to his decision to bailout troubled crypto companies like Digital Voyager and BlockFi with a hefty $750 million investment. A few months ago, he claimed that he had “a “ballpark billion” dollars to throw at struggling crypto companies. SBF had also previously expressed an interest in acquiring Twitter mam Elon Musk.
Och liesen: SBF Net Worth Down By 94%; Loses Billionaire Tag
After this announcement, Twitter erupted with memes, especially commenting on the power dynamics between SBF and CZ.
You guys are ON IT pic.twitter.com/gnAKup0Wik
— Magic Eden 🪄 (@MagicEden) November 8, 2022
CZ really the goat pic.twitter.com/lnIHmdkR8C
— Crypto Tea (@CryptoTea_) November 8, 2022
“a strategic transaction” pic.twitter.com/PkYxxHc58d
— jonah baer (@JonahBaer) November 8, 2022
Missioun erfëllt pic.twitter.com/bXDs3rDCqI
- Fintwit (@fintwit_news) November 8, 2022
Good Game folks…
Now FTX Arena = CZ Arena. pic.twitter.com/a1Yqctq0m9— CryptoSEA | SouthEastAsia.eth (@PandaAsiaStreet) November 8, 2022
The bear market of 2022 claims another victim pic.twitter.com/gCwKaUZGKK
— yzy.eth (@LilMoonLambo) November 8, 2022
— TacoRollz (@RollzTaco) November 8, 2022
What a Day for @SBF_FTX $ FTT! It looks like @ErikVorhees Gave an alley-oop to @CZ_Binance iwwerdeems #DEFI is in disbelief. #DunkedOn # Krypto #Crypto Währung #Banksters pic.twitter.com/a34zt7wQB6
— Randy Hilarski (@RandyHilarski) November 8, 2022
CZ is the real king pic.twitter.com/8IeswssvO3
— 𝙒𝙊𝙇𝙁_𝙊𝙁_𝙉𝙊𝙍 (@WOLF_OF_NOR) November 8, 2022
⬇️4 of 7⬇️https://t.co/xBwKnfnplD pic.twitter.com/IW8G93d2I1
— 🃏FLȎ̶͖̽̌̾̈̄̍̀̆̆́͑͌͝Ki🟣VGXhero/DrEvil🌐FTXvillain (@VGX_Floki) November 8, 2022
Made a funny thread meme story to cover @cz_binance 🔥 @SBF_FTX & 2 ask:
Wéi kann @investvoyager & @VoyagerUCC possibly justify selling customers & assets 2 into this @FTX_Offiziell wild fire going on?
ThreeErrorsCapital(3AC) has burned enough people.
(Show as Thread)
⬇️1 of 7⬇️ https://t.co/OKZCHfRleY pic.twitter.com/NdghSLiy4W— 🃏FLȎ̶͖̽̌̾̈̄̍̀̆̆́͑͌͝Ki🟣VGXhero/DrEvil🌐FTXvillain (@VGX_Floki) November 8, 2022
⬇️5 of 7⬇️https://t.co/x1ekx6a4Ql pic.twitter.com/ScFUQExgz5
— 🃏FLȎ̶͖̽̌̾̈̄̍̀̆̆́͑͌͝Ki🟣VGXhero/DrEvil🌐FTXvillain (@VGX_Floki) November 8, 2022
Och liesen: Coinbase CEO Says No Interest In Buying FTX U.S, COIN Stock Price Tanks 10%
Dee presentéierten Inhalt kann d'perséinlech Meenung vum Autor enthalen an ass ënner Zoustand vum Maart. Maacht Är Maartfuerschung ier Dir a Kryptowärungen investéiert. Den Autor oder d'Publikatioun huet keng Verantwortung fir Äre perséinleche finanzielle Verloscht.
Source: https://coingape.com/twitter-erupts-with-memes-as-binance-acquires-ftx/