Crypto Market Collapse After FTX Liquidity Scare

#shorts
Binance agreed to buy rival cryptocurrency exchange FTX, a stunning outcome that followed days of speculation…

Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.),” Bankman-Fried tweeted Tuesday.

Binance CEO Changpeng “CZ” Zhao also took to Twitter to confirm the deal, saying the two exchanges signed a non-binding letter of intent. Bankman-Fried and Zhao both said that a full due diligence process would be underway in the next couple of days.

Some observers interpreted the story as meaning Alameda’s finances – and therefore maybe FTX’s – were not as solid as it had been thought.