Billionaire Changpeng “CZ” Zhao consolidated his position atop the crypto world on Tuesday with a stunning move to take over FTX.com, the suddenly troubled firm led by his chief rival and one-time disciple, Sam Bankman-Fried.
“A huge thank you to CZ, Binance, and all of our supporters,” Bankman-Fried said on Twitter. “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.
Like others before it, including lenders Celsius Networks and hedge fund Three Arrows Capital, reserves proved inadequate when market sentiment turned against it, even as top executives said nothing was amiss.
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Source: FinancialReview - 🏆 2. / 90 Read more »