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.

CeFi

  • 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

DeFi

  • 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

Fundings

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

Binance

FTX

CZ

SBF

Exchanges

Ethereum

DeFi

Lending

Alameda Research

Coinbase

KuCoin

OKX

Tether

Stablecoins

Policy and Regulation

Fund Raising

Game

Three Arrows Capital

TI Research

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