fbpx
Connect with us

Ethereum

Breaking: FTX And Binance Reach Strategic Agreement, CZ Buys Out Sam’s Exchange

Published

on

Breaking: FTX And Binance Reach Strategic Agreement, CZ Buys Out Sam’s Exchange

Summary:

  • Sam Bankman-Fried’s FTX and Changpeng Zhao’s exchanges have reached a resolution per tweets from SBF himself.
  • SBF said the two entities agreed on a strategic transaction.
  • Binance will fully acquire FTX, per CZ’s tweets.

FTX and Alameda Research CEO Sam Bankman-Fried tweeted that his exchange and Changpeng Zhao’s Binance have agreed on terms regarding how Zhao’s exchange will offload around $2.1 billion in FTT tokens without possibly tanking already battered crypto prices.

SBF addressed pending withdrawals on FTX, saying both CZ’s Binance and the Bahama-based digital asset platform will work together to set things right as quickly as possible.

2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. — we apologize for that.

— SBF (@SBF_FTX) November 8, 2022

CZ also released an announcement with further details on the matter. Zhao said Binance has signed “a non-binding LOI to fully acquire FTX.com” in a thread on Tuesday. The Binance chief echoed SBF’s liquidity remarks and stressed that both exchanges will resolve the “liquidity crunch” on FTX.

At press time, details and terms of the agreement between Binance and FTX remain unavailable. Zhao’s tweet hinted that more developments might be shared soon. CZ stressed that Binance could pull out of the deal and that users should expect massive FTT volatility.

There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop.

— CZ 🔶 Binance (@cz_binance) November 8, 2022

BNB Up 12%, CZ Consolidates Crypto Exchange Dominance With FTX Acquisition

Binance Coin (BNB) pumped as high as 13% at press time following SBF’s and CZ’s announcements. BNB’s price jumped to $382 and trading volume exploded in the past 24 hours, per data pulled from TradingView and CoinMarketCap.

CZ’s FTX buyout has arguably dominated crypto Twitter since the news was shared by both Billionaires. Binance has supposedly taken out a major competitor and the takeover could significantly increase market share for Zhao’s exchange.

Interestingly, Three Arrows Capital co-founder Su Zhu tweeted amid the staggering turn of events. Zhu, whose whereabouts are unconfirmed while his crypto hedge fund faces liquidation, replied to a podcast invite from Cobie on Twitter. Terraform Labs CEO Do Kwon also tweeted a “bend the knee” meme from Game of Thrones.

Breaking: FTX And Binance Reach Strategic Agreement, CZ Buys Out Sam's Exchange 13
BNB/USDT by TradingView

Go to Source

Click to comment

Leave a Reply

Ethereum

FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

Published

on

FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

Go to Source

Continue Reading

Ethereum

Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Published

on

Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

Go to Source

Continue Reading

Ethereum

Coinbase Calls Out Apple For Blocking NFT Transactions On iOS

Published

on

Coinbase Calls Out Apple For Blocking NFT Transactions On iOS
  • Coinbase has revealed that its latest app update was blocked by Apple.
  • Users of Coinbase Wallet iOS can no longer send NFTs.
  • Apple reportedly wants 30% of the gas fees levied on NFT transactions.
  • The exchange has warned that this will have a major impact on iPhone users that interact with NFTs.

Coinbase, the largest crypto exchange in the United States, has called out tech giant Apple Inc. for its monopolistic policies on commissions on NFT transactions. In a lengthy Twitter thread earlier today, Coinbase Wallet revealed that Apple had blocked its latest app release. The reason for this restriction is the gas fees associated with NFTs. Apple has reportedly claimed that the gas fees required to send NFTs need to be paid through their In-App Purchase system so that they can collect 30% on the fees. 

Coinbase: 30% commission not possible

The crypto wallet provider has clarified that the demands made by Apple are not possible to meet. The company has further alleged that Apple’s new policies are aimed at protecting their profits at the expense of consumer investment in NFTs. Additionally, this move also creates a hindrance in developer innovation across the crypto ecosystem. 

For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried.”

According to Coinbase, iPhone users that own NFTs stand to lose the most from Apple’s policy change. The policy will make it difficult for users to transfer NFTs. Coinbase has indicated that it is willing to work with the tech giant to find a solution. 

We hope this is an oversight on Apple’s behalf and an inflection point for further conversations with the ecosystem. @apple – we’re here and want to help

— Coinbase Wallet (@CoinbaseWallet) December 1, 2022

Apple’s de-facto ban on NFT trading

Apple has ignored repeated calls to exempt NFTs from its notorious 30% cut, which has been dubbed the “Apple Tax”. On 24 October 2022, the firm updated its App Store policy, which included guidelines for NFTs as well. This was the official nod from Apple for iOS apps offering in-app NFT buying and selling as well as minting, as long as the “Apple Tax” is paid.  

Per a report by The Information, Apple’s app store policies have had a direct impact on NFT startups. Due to these policies, NFT marketplaces don’t even consider selling through mobile apps, leaving a large portion of potential buyers untapped. According to Magic Eden’s co-founder and Chief Technology Officer Sidney Zhang, Apple’s commissions are the reason why her NFT startup has never offered buy and sell functions on its app. 

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Ethereum | Breaking: FTX And Binance Reach Strategic Agreement, CZ Buys Out Sam’s Exchange
a

Market

Trending