This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
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.
4) A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.
5) I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.
6) (Note that https://t.co/fCrWGQ4y7w and https://t.co/Ju8CkfrLYH–two separate companies–are not currently impacted by this. https://t.co/fCrWGQ4y7w’s withdrawals are and have been live, is fully backed 1:1, and operating normally.)
I was out with friends yesterday when the topic of whale alerts came up. Following our principles, I decided to be transparent. So I wrote a thread in 5 mins, and posted it. Little did I know it was going to be “the straw that broke the camel’s back.” 1/4
The fact that it sparked such levels of "discussions" was surprising. There were also conspiracy theories that I somehow orchestrated this whole thing. If you read this thread, you would appreciate that no one can orchestrate this. 3/4 https://t.co/CV2QwC7Umr
Funny memes, media & some people tried to color this as a “fight.” Sorry to disappoint, but I spend my energy building, not fighting. Today I spent my day on our business & our community. I suggest others do the same. Back to building. 4/4
Let's be clear, Binance did not:
- Define @SBF_FTX stance on DCCPA
- Debate @ErikVoorhees on the merits of FTX's stance
- Get into shitpost Twitter fights with KOLs
- Manage nor leak Alameda's balance sheet
- Write the @CoinDesk story
- Fail to address concerns about FTT