What Happened on Nov. 9th|Binance to Acquire FTX, Causing Chain Reaction

TI Research

On November 9th, CZ announced that Binance intended to fully acquire FTX, with a non-binding LOI signed. Crypto prices plummeted, with $BTC falling below $18,000, and $ETH trading at around $1,200. $FTT dropped about 70% over the last 24 hours, and $SOL dropped over 30%. Institutions including Tether and Circle deny material exposure to FTX. Multiple exchanges like Binance and OKX will publish merkle-tree proof-of-reserves. CFTC is monitoring FTX implosion.


  • Binance signed a non-binding LOI, intending to fully acquire FTX, said CZ. Source
  • CZ: Binance will start to do proof-of-reserves. Source
  • CZ: Binance has never used $BNB for collateral. Source
  • SBF: FTX saw around $6 billion in withdrawals in 72 hours. Source
  • FTX's U.S. subsidiary says it's not impacted by the liquidity crunch. Source
  • CZ: Binance has topped up the SAFU insurance fund to $1 billion USD equivalent again. Source
  • Coinbase CEO Brian Armstrong said Coinbase has no plans to acquire FTX US. Source
  • Coinbase and its customers are not in any direct danger of liquidity or credit risk, said Coinbase. Source
  • OKX will publish its merkle-tree proof-of-reserves within 30 days. Source
  • KuCoin Johnny: protecting user funds is the top priority, merkle tree PoF will be released in 1 month. Source
  • Gate.io founder: Will open up its open source solution to the industry. Source
  • Tether does not have any exposure to FTX or Alameda, said Tether CTO. Source
  • Circle has no material exposure to FTX and Alameda, says CEO. Source
  • Crypto lending institution Nexo claims 0 net exposure to FTX and Alameda. Source
  • Galaxy Digital reveals $77 million exposure to FTX in Q3 earnings. Source
  • Circle CEO: FTX crisis crypto's 'Lehman Brothers' moment. Source
  • Alameda Research has $12.78M loans on TrueFi and Clearpool. Source
  • Amber Group pays down all outstanding loans on Clearpool. Source
  • Su Zhu: Currently debating between quiet life and rebuilding new goal. Source
  • Data: About 19,950 $BTC ($360 million) has transferred out FTX within the last 24 hours. Source


  • Dogechain will launch $DC staking on November 14th. Source
  • Lending protocol Silo Finance launches stablecoin $XAI. Source

Metaverse & NFTs

  • Lionel Messi takes a stake in NFT fantasy football game Sorare, and becomes ambassador. Source

Policy & Regulation

  • French crypto prime broker Aplo has received approval from Luxembourg’s financial regulator to offer banking services. Source
  • OFAC has updated its sanction designations on Tornado Cash. Source
  • CFTC is monitoring FTX implosion. Source
  • SBF's priority crypto bill 'dead' after FTX sells to Binance. Source


  • Blockchain intelligence firm TRM Labs raises $70M in Series B led by Thoma Bravo. Source









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