At midnight Beijing time today, Sam Bankman-Fried, founder of FTX, and Changpeng Zhao (CZ), founder of Binance, posted successively announcing the "reconciliation". This dispute, which lasted for two days and caused turmoil in the entire encryption market, finally ended with a short "comma" with "Binance intends to completely acquire FTX". Considering regulatory issues and other issues, it is not yet known how this doomed and complicated acquisition will be completed.

At 0:30, SBF took the lead in posting that Binance has once again become an investor in FTX. “It’s back to square one, the first and last investor in FTX is the same: we have reached an agreement with Binance on a strategic transaction for FTX.”

SBF also explained that the liquidity crisis that FTX has encountered recently is an important reason for it to invite Binance to continue to join. “Our team is working hard to clear the current withdrawal backlog, which will eliminate the liquidity crisis; all assets will be paid 1:1. This is one of the main reasons we invited Binance to join. This may take a while to resolve , we apologize for this, but the important thing is that users are protected."

At the same time, SBF stated that FTX.US and Binance.US are two independent companies and are not currently affected by this, and the withdrawal of FTX.US is normal.

Finally, SBF also expressed its gratitude to Binance for its help. “Thank you very much to CZ, Binance, and all our supporters. This is a user-centric development that benefits the industry as a whole. CZ has and will continue to do so in building a global crypto ecosystem and creating a freer economic world.” More great work on the way. I know there have been rumors in the media that there is a conflict between our two exchanges, but Binance has shown time and again that they are committed to a more decentralized global economy while working to improve the industry with regulators Relationships. We'll take care of everything."

CZ retweeted SBF's tweet and said: "FTX approached us this afternoon for help due to severe liquidity shortage. To protect users, we have signed a non-binding letter of intent to fully acquire FTX and help with liquidity Sexual austerity."

Of course, CZ also said that the specific details of the acquisition are currently being discussed, and at the same time reminded users to pay attention to the short-term fluctuation risk of FTT. “There is a lot to cover and it will take some time. This is a highly dynamic situation and we are assessing the situation in real-time. Binance reserves the right to exit the trade at any time. We expect a high level of volatility in FTT over the next few days as events develop. "

As soon as the news came out, the encryption market quickly reversed from the sharp drop in the past three days, and mainstream cryptocurrencies rose to varying degrees. BTC returned to above $20,000, and ETH rebounded to above $1,550. BNB and FTT) are even more explosive in a short period of time: BNB once rose to $398, with a maximum increase of more than 20% in one hour; FTT once rebounded from $14.5 to $21.2, with a maximum increase of 46%.

According to previous news, on the evening of November 6, CZ tweeted that he would liquidate and sell the FTT assets on the Binance account. “As part of Binance’s exit of its FTX stake last year, Binance received approximately $2.1 billion in equivalent cryptocurrencies (BUSD and FTT). Due to the recent revelations, we have decided to liquidate all remaining FTT on the account. We will try to We will do this with minimal market impact. Due to market conditions and limited liquidity, we expect this will take several months to complete." Affected by this news, FTT fell to 22.6 US dollars for a short time on that day, a drop of 12%.

Caroline Ellison, co-CEO of Alameda Research, then responded to Changpeng Zhao on Twitter, saying that she was willing to redeem the FTT held by Binance at a price of $22. "If you want to minimize market impact on your FTT sales, Alameda is happy to buy all FTT from you for $22 today."

In the past two days, panic in the crypto market has spread, and the price of FTT has continued to fall, falling to $14.3 at one point. Many users have withdrawn from FTX, further triggering its liquidity crisis, and the withdrawal speed is relatively slow.

Since then, various parties have also voiced their voices one after another, calling on FTX to negotiate with Binance to solve the problem. Xu Mingxing, founder of OKGroup, posted on social media: "Decentralization is the foundation of the encryption industry. If Binance gets 100% market share and BNB market value exceeds BTC, the industry will fail and CZ will lose everything. Help FTX from the current According to rumors, resuming is the best option for CZ."

Odaily will continue to pay attention to how the final chapter of the story is written.