Competitor Binance has reached an agreement to buy FTX.
(Photo: Bloomberg/Getty Images)
Frankfort, New York It’s a major defeat for billionaire Sam Bankman-Fried: The founder of the crypto exchange FTX has to sell large parts of his multi-billion dollar company, as he announced on Tuesday. This had become necessary in order to stop a bank run and the associated liquidity crisis. FTX is the third largest crypto exchange in the world and is now being sold to market leader Binance of all people.
Binance CEO Changpeng Zhao, known in the industry as CZ, was ironically once the mentor of the 30-year-old Bankman-Fried, but has recently become a fierce competitor and has fueled concerns about FTX’s liquidity in recent days. It is a dramatic turn in the crypto crisis, which has already led to a whole series of bankruptcies and failed projects in the past few months.
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