Browsing:Binance

Sequoia Capital loses FTX investment
2 years ago 1 min read

Sequoia Capital claims that its FTX investment is now worthless

Sequoia Capital, a leading venture capital firm, stated in a letter to its limited partners that the value of all its investments in FTX has been reduced to zero. The letter, sent today by the Sequoia Capital team and shared on Twitter, detailed the firm’s exposure to FTX across two funds. The venerable venture capital firm suffered a total loss of $213.5 million. Sequoia Capital stated on Twitter in a note to investors: “In recent days, a liquidity crunch has created solvency risk for FTX.” At this time, the full nature and scope of this risk are unknown. Based on

CZ Binance tweets
2 years ago 1 min read

Binance stops pursuing the acquisition of FTX exchange

Binance CEO Changpeng Zhao has backed out of acquiring the bankrupt FTX exchange. Zhao provided numerous reasons to support his decision to withdraw from the transaction. Binance exchange reported the news via a thread of tweets. Binance had previously signed a non-binding Letter of Intent (LOI) with the intention of fully purchasing FTX. Zhao, however, backed out of the deal for a variety of reasons. Zhao took the initiative to come clean by sharing the exact note that was sent to all Binance teams worldwide. Additionally, CZ tweeted, “In the spirit of transparency, might as well share the actual note,

Binance exchange buys FTX exchange
2 years ago 1 min read

Binance could control more than 80% of the global crypto market if it fully acquires FTX exchange

Research has shown that the deal to acquire FTX might benefit Binance much more than just gaining a sizable portion of the holdings of the trading platform. In fact, Will Canny of CoinDesk reported on November 9 that a study by private wealth manager Bernstein suggested that the combined business that would result from the purchase agreement between Binance and FTX could give the former a greater than 80% share of the world’s cryptocurrency market. Due to these implications, the FTX-Binance deal may draw considerable regulatory attention and even regulatory intervention, particularly from US and EU agencies if FTX has

Circle CEO
2 years ago 1 min read

Lack of FTX buyer would leave “giant hole” in crypto markets, claims Circle CEO

According to Circle CEO Jeremy Allaire in an appearance on CNBC on Wednesday, the collapse of FTX was “sort of a shock” and highlighted the lack of public access to the company’s balance sheet. If no one buys FTX and its assets, Allaire said, it would leave a “giant hole” that would be “far worse” than what investors and markets are worried about right now. In addition, Allaire was asked what it would mean for the crypto market as a whole if Binance pulled out of a preliminary deal to buy its troubled rival. According to Allaire, “there was a

Binance BNB
2 years ago 2 mins read

Binance’s acquisition of FTX.com throws the market into disarray

The consequences of Binance’s acquisition of FTX shook the crypto market in general, and FTX-backed crypto in particular. The crypto market is grappling with the possibility that FTX’s acquisition by Binance may render Sam Bankman-exchange Fried’s and its close collaborator, Alameda Research, insolvent. Following the recent news of Binance’s acquisition of FTX, the market has plummeted. At the time of writing, BTC is down 10.85% and selling for around $18,300, putting it at the same price level as it was at the start of the summer; it has already threatened to breach the range to the downside. Meanwhile, Ethereum has

Sam_Bankman-Fried FTX founder
2 years ago 2 mins read

Some Crypto Exchanges Already Secretly Insolvent, says Bankman-Fried on June 28, 2022

According to Forbes, after bailing out shaky digital currency platforms BlockFi and Voyager Digital, Sam Bankman-Fried, the 30-year-old billionaire creator of FTX, predicts that some crypto exchanges will fail shortly. The question on everyone’s mind in the crypto community is whether we’ve struck the bottom of the market. Since November, about $2 trillion in crypto market value has vanished. However, the fallout is far from over. Earlier last month, Singapore-based Three Arrows Capital (3AC), a heavily leveraged crypto trading firm with $200 million in Luna exposure, declared bankruptcy. Three Arrows had borrowed huge sums from a number of crypto businesses,

Binance x FTX
2 years ago 1 min read

Binance aims to acquire FTX entirely

Binance declared its intention to fully buy FTX in order to shield its consumers from a liquidity crisis. Binance declared its intention to fully buy FTX in order to shield its consumers from a liquidity crisis. Binance CEO Changpeng Zhao stated on Twitter that FTX sought the exchange’s assistance since it was experiencing liquidity issues on its platform. Binance has signed a non-binding letter of intent (LOI) to buy CZ in the next few days, according to CZ. A comprehensive due diligence procedure and more precise details on the acquisition are scheduled to be completed over the next several days.

FTX FTT token drops dipply
2 years ago 2 mins read

FTX’s FTT token drops following Binance controversy

The price of FTX’s FTT token, a cryptocurrency, has dropped significantly over the last hour. According to data from CoinMarketCap, the token’s price dropped 19% from about $22 to about $17 at the time of writing. The announcement coincides with a high-profile standoff between FTX and Binance, two of the biggest exchanges in the cryptocurrency market. On November 6, Binance CEO Changpeng Zhao tweeted that the exchange would start selling off its FTT holdings as a result of “recent revelations.” It appears that Zhao was alluding to a previous report that detailed Alameda Research’s balance sheet. Sam Bankman-Fried, who runs

SBF FTX exchange founder
2 years ago 1 min read

FTX CEO thanks its supporters for their help during the platform’s bad times

Sam Bankman-Fried, also known as SBF, the CEO of FTX, tweeted his thanks and best wishes to the FTX community for their support. The purpose of the tweet was to express gratitude to the FTX traders who continued to support the business even after Changpeng Zhao, CEO of Binance, announced that the company would be selling off all of its FTX tokens. The tweet was published by Bankman-Fried on November 7, as part of a string of tweets primarily devoted to the journey of FTX “during its crazy” times: The company has decided to sell the remaining FTX tokens (FTT)

Binance and FTX fighting
2 years ago 2 mins read

Binance to sell FTX token holdings amid questions over trading arm Alameda finances

CZ said Binance will liquidate its remaining FTT tokens issued by the second-largest crypto exchange FTX on November 6. This decision comes after CoinDesk reported  November 2 that FTX’s sister company, Alameda Research, may have solvency issues. CZ said, “Due to recent revelations that have [come] to light, we have decided to liquidate any remaining FTT on our books.” In addition, Binance’s CEO mentioned that since Binance withdrew from FTX’s equity last year, it has received $2.1 billion worth of stablecoins BUSD and FTT. According to a CoinDesk report from November 2, a financial report from Alameda Research revealed that as of June 30, the company’s

CZ of Binance consider to buy a bank
2 years ago 1 min read

Binance is considering buying a bank to the gap between traditional financial sector and the crypto sector

Changpeng Zhao (CZ), the CEO of Binance, has stated that his team is considering using acquisitions to bridge the gap between the traditional financial sector and the cryptocurrency industry. This opinion was expressed by CZ on Wednesday during a speech at a Web Summit in Lisbon, Portugal. CZ noted that his exchange had previously noticed that whenever banks collaborate with Binance, more users flock to them, increasing their valuation. To “capture some of the equity upsides,” he thinks it would be wise to invest in those financial institutions. Portuguese city of Lisbon, one of the friendlier locations for cryptocurrency investors

Binance Oracle
2 years ago 1 min read

Binance Introduces ‘Reliable And Secure’ Oracle Network

Binance has announced the launch of an oracle network for its BNB Chain ecosystem, which will connect the blockchain to real-world data and vice versa. According to DeFi Llama, the projects that have already integrated the Binance Oracle and some of the largest teams on the BNB chain. This includes lending protocol Venus, yield farming platform Alpaca Finance, and liquid staking solution Ankr. Oracles allow smart contracts to access data that exists outside of the blockchain. A protocol, for example, may want its smart contract to be triggered based on stock prices, macroeconomic indicators, or even weather data. Binance Oracle

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