Binance Backs Out of Plans , To Acquire FTX.
Binance Backs Out of Plans , To Acquire FTX.
CNBC reports that FTX was rocked by a sell-off that gained momentum... .
... after Binance CEO Changpeng Zhao publicly announced that his company was selling its holdings in FTT, its competitor's native token.
FTX CEO Samuel Bankman-Fried reportedly went to venture capitalists and other investors in addition to Binance in an attempt to remedy liquidity issues.
.
Zhao later revealed that the world's largest cryptocurrency firm and FTX came to a nonbinding agreement that would have helped FTX avert its crisis.
But CNBC reports that one day after reaching that deal, on Nov.
9, Binance backed out.
Zhao also reportedly sent a memo to employees on Nov.
9 stating that he "did not master plan" FTX's collapse
