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SBF and CZ Speak: Two tweets that shocked the crypto world

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In a surprising twist, Binance may take full control of FTX.

At 0:00 on November 9th, the recent market focus of "CZ vs SBF" suddenly took a surprising turn. The founder of FTX SBF and the founder of Binance CZ posted that they had reached a preliminary agreement for Binance to acquire full ownership of FTX. After the announcement, FTT and BNB took the lead in the rally, with FTT up 46.76% in 15 minutes and breaking through $20 at one point. BlockBeats organizes and translates SBF and CZ tweets as follows.

Here are the original tweets

SBF

Hi, everyone. I have a few announcements to make.

It was a happy ending. FTX's first investor was also its last (both Binance). We have entered into a strategic transaction agreement with Binance (pending due diligence).

Our team is working to clear the drawdown backlog as it stands, which will remove the liquidity crunch; All assets will be covered 1:1. This is one of the main reasons we asked Binance to join us. This may take some time to fully resolve and we apologise.

Thank you so much to CZ, Binance and all our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, incredible work in building the global crypto ecosystem and creating a freer economic world.

I know there have been rumors in the media about conflicts between our two trading platforms, but Binance has repeatedly demonstrated their commitment to a more decentralized global economy while working to improve their relationship with regulators. He's going to get everything done.

(Note that FTX.us and Binance.us, two separate companies, are not currently affected by this. FTX.us withdrawals are always available, assets fully support 1:1 coverage, and are functioning normally.)

CZ

This afternoon the FTX came to us for help with a severe liquidity squeeze. In order to protect our customers, we have entered into a non-binding letter of intent whereby [Binance] intends to acquire [FTX] in full. We will conduct a full investigation into this matter in the coming days.

There is a lot to cover and it will take some time. This is a highly dynamic situation and we are assessing it in real time. Binance has the right to withdraw from the transaction at any time. We expect the price of FTT to fluctuate significantly over the next few days as events unfold.