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

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