Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market
Bitcoin
Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days.
FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made.
In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out."
The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market.
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It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.