Discussion

• @sbf_ftx @sbf_ftx on x

  1) Hey all: I have a few announcements to make. Things have come full circle, and https://t.co/...'s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://ftx.com/ (pending DD etc.).

• @cz_binance @cz_binance on x

  Two big lessons: 1: Never use a token you created as collateral. 2: Don't borrow if you run a crypto business. Don't use capital “efficiently”. Have a large reserve. Binance has never used BNB for collateral, and we have never taken on debt. Stay #SAFU.🙏

• @cryptomanran Ran Neuner on x

  Solana getting killed. Market realizing that @cz_binance now owns 10% of the tokens and that he would rather support BNB chain than SOL. Also Solana just lost all the support and investment that FTX and @SBF_FTX were making in the ecosystem.

• @cz_binance @cz_binance on x

  There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop.

• @benbybit Ben Zhou on x

  Bitdao community is questioning the sudden dump of $bit token caused by Alameda dumping and breaching the 3 yr mutual no sale public commitment. Nothing is confirmed but bitdao community would like to confirm a proof of fund from Alameda. https://discourse.bitdao.io/ ...

• @zhusu @zhusu on x

  There I was, surfing the wave of waves, next moment wiped out, board broken, rocks reefs everywhere The sudden pain of business failure and loss of purpose, as a golden child of the industry + biz cycle more broadly, was as difficult as the ensuing ostracization and demonization

• @sbf_ftx @sbf_ftx on x

  6) (Note that https://ftx.us/ and https://t.co/...-two separate companies-are not currently impacted by this. https://t.co/...'s withdrawals are and have been live, is fully backed 1:1, and operating normally.)

• @ericnewcomer Eric Newcomer on x

  Sequoia invested in a $420m round in FTX at a $25B valuation in October 2021 and a consortium with Paradigm invested $400M at $32B in January 2022. And now it's selling in a fire sale? This is a truly crazy event in startup world. Dot-com bust level event

• @sbf_ftx @sbf_ftx on x

  4) A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.

• @wassielawyer @wassielawyer on x

  1/ Ok so just processing this out loud because I am pretty mindblown that FTX chose - of all options, a buyout from Binance. These were the options open to SBF: (a) seek emergency debt financing, (b) seek new money investment, (c) liquidate assets and/or (d) buy time...

• @fintwit_news @fintwit_news on x

  @cz_binance Mission accomplished https://twitter.com/...

• @sbf_ftx @sbf_ftx on x

  2) 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. It may take a bit to settle etc. — we apologize for that.

• @sbf_ftx @sbf_ftx on x

  3) But the important thing is that customers are protected.

• @lizrhoffman Liz Hoffman on x

  One person briefed on the fundraising blitz said what started as a $1bn ask was looking more like $5bn-$6bn by midday. More here @semafor https://www.semafor.com/...

• @cobie @cobie on x

  Arthur can't do show today, am going back to bed. In my decade of crypto, think this exchange rug is by far the worst ever. Almost no time to react and lots of long-term and smart crypto ppl impacted by it.

• @danprimack Dan Primack on x

  FTX investor tells me that the company has not yet sent them any information on the deal. Says all he knows is what he's seeing on Twitter.

• @arthur_0x Arthur on x

  Yup, 100% acquisition. Given how little time it took to close this deal. It's likely Binance acquire FTX for nominal/negligible amount and assume all the liabilities of FTX. https://twitter.com/...

• @sbf_ftx @sbf_ftx on x

  5) I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.

• @firstadopter @firstadopter on x

  The JP Morgan of crypto they said ...

• @dogetoshi Steven on x

  As The Block started writing/pubbing the story the withdrawal started ramping up again.

• @tier10k @tier10k on x

  [DB] FTX Appears to Have Stopped Processing Withdrawals, on-Chain Data Show: The Block

• @cryptomanran Ran Neuner on x

  Do Kwon went silent. Alex Mashinsky went silent. @SBF_FTX hasn't tweeted in 24 hours.

• @lizrhoffman Liz Hoffman on x

  This a.m. before securing an emergency lifeline from rival Binance, FTX was canvassing deep pockets in Silicon Valley and Wall St — think billionaires, not institutions — ppl familiar told me & @lmatsakis @SaacksAttack. Two of the ppl he he was seeking more than $1bn.

• @vetlelunde Vetle Lunde on x

  Binance really pushing to secure its dominance. Binance's spot volume dominance has risen from 50-60% to 80-90% of the market after fee removal. Additionally, Binance accounts for 40% of perp open interest (ETH + BTC). FTX OI dom has fallen from 25% to 14%. From 2nd to 4th. https…

• @lookonchain @lookonchain on x

  A giant whale is worried about “bank run” on FTX and withdrawing USDC/USDT from #FTX Exchange. He withdrew 129.8M $USDC and 115.9M $USDT from #FTX Exchange in the past 24 hours. As soon as #FTX opens the withdrawal, he immediately withdraws stablecoins from #FTX. https://twitter.…

• @doug_hanks Doug Hanks on x

  Money from Miami-Dade's $135M FTX Arena deal funds community programs. No word yet on what future of that sponsorship might be. FTX signed a 19-year deal with the county. https://twitter.com/...

• @alex_valaitis Alex Valaitis on x

  Well @binance and @FTX_Official are officially at war with each other. What most people don't realize is that this conflict has been brewing since 2019. Here's the complete history of how we got to this point and why you should care MUST READ 🧵 https://twitter.com/...

• @chrisfralic Chris Fralic on x

  “Fortune favors the brave” FTX paid $17.5M *in crypto* to rename California Memorial Stadium FTX paid $135M to rename the Miami Heat arena FTX signed a $210M eSports sponsorship https://twitter.com/...

• @cobie @cobie on x

  If the Alameda/FTX hole is too big for Binance, maybe they can cover up to eg. $250k per user. Saving the entirety for smaller accounts (ie. people who actually “need” the money) and letting the larger ones eat L and just take Alameda to court or smth

• @robinwigg Robin Wigglesworth on x

  Undefeated. https://twitter.com/...

• @cobie @cobie on x

  In fact, they could combine it with Bitfinex-style debt token which is recovered with fees. So, every user balance up to a limit (eg 250k per user) is entirely covered by Binance, and then everything above that is issued “debtUSD” which FTX/nance buys back with fees over time.

• @ftx_official @ftx_official on x

  https://twitter.com/...

• @hsakatrades @hsakatrades on x

  https://twitter.com/...

• @scopeprotocol @scopeprotocol on x

  🚨For the past 2 hours, only ETH is out from the #FTX main exchange address. NO other assets are out, and the ETH activities are all transfer 0.12 ETH to deposit addresses. Things are getting serious. Check entities here: FTX#5ZDQkT62(3 addresses) https://www.watchers.pro/... http…

• @punk2670 @punk2670 on x

  Do Kwon, Kyle Davies, Zu Shu, SBF, but it's the kid that wrote some of the Tornado source code that's in jail

• @timccopeland Cope on x

  liked tweets 😬 https://twitter.com/...

• @mayazi @mayazi on x

  The difference between FTX & Celsius, is that FTX employees were probably all in the dark & lost their net worth in the debacle. They've been rugged just like all of us. Celsius employees knew exactly what was going on & are still profiting off the bankruptcy https://twitter.com/…

• @danprimack Dan Primack on x

  Now hearing this from additional VC sources. Total cluster. This really could be a death knell for crypto VC. Not exaggerating.

• @hodlkryptonite @hodlkryptonite on x

  1/n - Contagion is here. Let me show you how we are COMPLETELY FUCKED.

• @punk9059 @punk9059 on x

  I successfully withdrew my last bit of ETH and BTC from FTX an hour ago. No issues. https://twitter.com/...

• @robinwigg Robin Wigglesworth on x

  A year ago SBF was talking about potentially buying Goldman Sachs. https://www.ft.com/... https://twitter.com/...

• @0xngmi @0xngmi on x

  https://twitter.com/...

• @tuurdemeester Tuur Demeester on x

  If Binance buys FTX and hence takes over the claims of its depositors, it seems likely that Binance then would also become (or remain) a fractional reserve operation. Testy times... https://twitter.com/...

• @nic__carter Nic Carter on x

  Just cause Sam is a marginally bigger villain than you doesn't mean you get to kick off some cheesy redemption arc, fraudster. Face justice or spend the rest of your measly days running from the law https://twitter.com/...

• @dogetoshi Steven on x

  FTX has appeared to stop processing on-chain withdrawals on Ethereum, Solana, and Tron since roughly 3 hours ago.

• @carnage4life Dare Obasanjo on x

  The good thing is antitrust regulators are too clueless about crypto to understand the ramifications of Binance acquiring FTX. https://twitter.com/...

• @milesdeutscher Miles Deutscher on x

  Sam Bankman-Fried was once admired as the king of crypto. Now Alameda and FTX are rumoured to be on the brink of insolvency. 🧵: Here's how it all went wrong for SBF and FTX. 👇

• @hsakatrades @hsakatrades on x

  @udiWertheimer @cz_binance more than the $ amount, probably concerned about any legal liabilities/regulatory backlash they'd take on if the acquisition would go through. Clearly something was awry, Brian treating it as radioactive too, saying there was more info to come to light

• @cryptohayes Arthur Hayes on x

  Who is yo fucking daddy! I'm speechless. https://twitter.com/...

• @cobie @cobie on x

  The biggest exchange rugs of the past were incompetence or tech bugs. This one just seems to be...... just stealing customer deposits? Seems completely insane to me, but I guess now I am calibrated better on the extents ppl will go for greed. Cheers Sam.

• @aridavidpaul @aridavidpaul on x

  I'm kind of confused about how an FTX bail out was necessary for liquidity when customer deposits can't be legally lent out. I'll be curious to learn from forthcoming details. I'd suggest one question for the industry at this point - if same happens with Binance, who backstops?

• @algodtrading @algodtrading on x

  If binance doesn't acquire FTX i don't see how the space recovers for the next 5 years

• @claritytoast Nate Anderson on x

  Two days ago, the CEO of Sam Bankman-Fried's entity (Alameda Research) publicly offered to buy all of Binance's FTX token (#FTT) for $22. Right now, the token is at ~$16.90. If they have the money they will defend the price. The longer they don't, the worse things look for FTX. h…

• @cl207 @cl207 on x

  so which brick inside ftx arena do i own

• @lizrhoffman Liz Hoffman on x

  Those ppl said it looked like a classic run on the bank: panicky investors pulling money out of FTX faster than it could sell assets to produce the cash. Of note here tho is @SBF_FTX suggested 2 days ago that FTX's deposits were all held in cash: https://twitter.com/...

• @cobie @cobie on x

  Ledger conducting a legitimate Luna interrogation on the day that FTX dies, love it

• @dylanleclair_ @dylanleclair_ on x

  Don't mean to be the bearer of bad news here, but if it isn't clear already, if you still have funds on FTX, they're gone. You're an unsecured creditor. The probable outcome is Chapter 11 & a class action lawsuit that draws out for years, where you get $0.10-$0.30 on the dollar.

• @hodlkryptonite @hodlkryptonite on x

  2/n - FTX accepting the bail out means that they effectively have a hole. Sure, CZ will bail out FTX. But he's not going to bail out Alameda. @cz_binance pls let me know if im wrong

• @cobie @cobie on x

  When Gox happened, it sorta made sense. Everything was pretty new, when the rumours began it was very plausible. Every exchange that rugged in the past felt kinda unsafe to use pre-rug. I thought there was prob sub 1% chance of FTX insolvency.

• @spreekaway @spreekaway on x

  CZ bought FTX but not Alameda. If Alameda is your counterparty on anything at this point I would be extremely worried.

• @marketsmeowmeow @marketsmeowmeow on x

  If I'm reading this correctly CZ nukes SBF's reserves CZ acquires SBF assets for a deep discount SBF thanks CZ for all he's done for crypto lol

• @wublockchain Wu Blockchain on x

  Around 20% of the Binance inflow comes from FTX in the past 7 days. And that is $1.17B in USD value. By @ScopeProtocol Similar things happened from November 2 to November 11, 2020, with a total of 18,652 bitcoins flowing into Binance from Huobi.

• @tier10k @tier10k on x

  The Bloomberg billionaires index has been updated estimating SBF's net worth at $991m, down from $16b yesterday https://twitter.com/...

• @kantrowitz Alex Kantrowitz on x

  Who knew crypto so strongly supported the abolish billionaires movement https://twitter.com/...

• @evgenygaevoy @evgenygaevoy on x

  Man really, SBF being a bigger villain than you, doesn't automatically start your redemption ark. Stay wiped out https://twitter.com/...

• @arthur_0x Arthur on x

  FTX/Alameda employees are re-directing questions to their legal email now. If no bailout deal from anyone, prepare to recover your FTX balance in at least 2 years from liquidation proceedings.

• @hsakatrades @hsakatrades on x

  Since we have their attention, who was this who managed to withdraw ~$300m in $100-500k clips? https://etherscan.io/... https://twitter.com/...

• @0xfoobar @0xfoobar on x

  ok maybe celsius wasn't solvent and 3ac wasn't solvent and ftx wasn't solvent but surely binance is solvent

• @cz_binance @cz_binance on x

  All crypto exchanges should do merkle-tree proof-of-reserves. Banks run on fractional reserves. Crypto exchanges should not. @Binance will start to do proof-of-reserves soon. Full transparency.

• @paoloardoino Paolo Ardoino on x

  To be clear: #Tether does not have any exposure to FTX or Alameda. 0. Null. Maybe is time to look elsewhere. Sorry guys. Try again. https://twitter.com/...

• @deribitexchange @deribitexchange on x

  FTX / Alameda update Deribit does not have any special terms for Alameda or large & risky positions. Nor do we rely on their liquidity provision in any of our products. Furthermore Deribit or group companies do not have assets with FTX or other exposure to e.g. FTT or SOL.

• @jerallaire Jeremy Allaire on x

  gm 1/ Lots of FUD accruing out there, so another thread to help dispel the noise.

• @cumberlandsays Cumberland on x

  Yesterday was a record day of trading volumes for all of the wrong reasons. While we had virtually no exposure to FTX and our operational controls enabled us to provide deep liquidity to a market in search of it, the exchange consolidation we saw was unfathomable 60 hours ago.

• @jerallaire Jeremy Allaire on x

  2/ Circle has no material exposure to FTX and Alameda. FTX has been a customer of Circle Payment APIs for the past 18 months, providing card and ACH services for customer transactions. Circle's crypto payments beta product uses FTX and other exchanges, for BTC/ETH liquidity.

• @asvanevik @asvanevik on x

  Exchanges with the largest ETH reserves: @binance @coinbase @bitfinex @krakenfx @Gemini @okx @upbitglobal @CurveFinance @cryptocom https://pro.nansen.ai/... https://twitter.com/...

• @star_okx @star_okx on x

  The past few days have been tough. I feel sympathetic to everyone who has been affected by FTX. I believe in this community and the innovation you all bring. It will just be a matter of time when the affected community bounces back. 1/6

• @jerallaire Jeremy Allaire on x

  4/ Circle has never made loans to FTX or Alameda, and has never received FTT as collateral, and has never held a position in or traded FTT. In any case, Circle does not trade on its own account.

• @justinsuntron H.E. Justin Sun on x

  I want to echo CZ's advice. @Poloniex and @HuobiGlobal both have done it before. Huobi actually just finished it about one month ago. But we would love to do a third one with CZ's proposal. Merkle-tree proof-of-reserves 100% is very important to our industry and transparency. htt…

• @lyu_johnny @lyu_johnny on x

  I'd like to give my sympathy for anyone who has been hurt by the current FTX situation. Hopefully, everything can be resolved quickly and the industry can get back on track.

• @paoloardoino @paoloardoino on x

  Alameda has issued and redeemed lot of USDt in the past. But no credit exposure has been matured. Tether is issued and redeemed upon market demand by our customers.

• @lucasnuzzi Lucas Nuzzi on x

  1/ I found evidence that FTX might have provided a massive bailout for Alameda in Q2 which now came back to haunt them. 40 days ago, 173 million FTT tokens worth over 4B USD became active on-chain. A rabbit hole appeared 🧵👇 https://twitter.com/...

• @boazweinstein Boaz Weinstein on x

  Every day I read about crypto, I understand it less and less. FTX was in talks two months ago to raise 1bn equity at a 32bn valuation. Binance threatens to dump 500mm FTX tokens and the whole thing just collapses? Explain it to me like I'm a 65 year old.

• @fxmacro @fxmacro on x

  so it looks like alameda was bust since Q2 and this has been a fraud since. just spoke to an insider i'm in the bahamas now all the top people at FTX have been trying to leave for months and they removed the sign from their offices 2 weeks ago... https://twitter.com/...

• @milesdeutscher Miles Deutscher on x

  The FUD surrounding FTX has resulted in staggering outflows, as people rush to withdraw funds. The threat of a “bank run” was looming yesterday as some people were forced to wait 4 hours to process withdrawals. https://twitter.com/...

• @_jefflau @_jefflau on x

  Remember that this space is about: “Can't do evil”, not “don't do evil”. Even SBF in the end, who was worshipped by half of this space decided to lie to try and save his own bacon in the end, destroying 1000s that didn't withdraw from FTX. Web3 is about *not* having to trust. htt…

• @evgenygaevoy @evgenygaevoy on x

  very humbling day, guess that “wishful” part of my handle is just fading away with this event my wrong assumptions were:

• @tree_of_alpha @tree_of_alpha on x

  Legal advice: If you delete tweets where you blatantly lied like the rat you are you can't get prosecuted for them. https://twitter.com/...

• @evgenygaevoy @evgenygaevoy on x

  So four pretty logic and/or observation based assumptions. All of them wrong. All PR and Lobbying FTX did turned out to be a higher end version of 3AC yacht. Effective altruism turned out to be PR stunt as well I guess. Lots of smart people turned out to be stupid or fooled

• @evgenygaevoy @evgenygaevoy on x

  2) If they did something stupid, they could have lost 2-3B most, because Sam would not let them lose more otherwise with all the effective altruism stuff and also only way to lose more is to do absolutely idiotic 3AC level stuff

• @pledditor @pledditor on x

  @coryklippsten Also very shady for SBF to retweet a random account that implies an airdrop for those that do not withdraw their coins That's the kind of shit the @SECGov needs to go after. An implicit promise that SBF doesnt actually to be held accountable for because he himself …

• @wclementeiii Will Clemente on x

  Now deleted tweet from SBF assuring clients that FTX could fully cover client assets https://twitter.com/...

• @ben_mckenzie Ben McKenzie on x

  Such a shame CZ had to do it for the good of the community https://www.ft.com/...

• @sino_market @sino_market on x

  The near collapse of FTX has “severely shaken” confidence in the crypto industry and will trigger tougher scrutiny by regulators, Binance chief Changpeng Zhao said a day after orchestrating a rescue of the exchange's arch rival. #FTXCRASH #FTX #Binance https://www.ft.com/...

• @hsakatrades @hsakatrades on x

  Zhao said he had ordered Binance to stop sales of FTT, a token issued by FTX, after a call with Bankman-Fried on Tuesday. Zhao said due diligence on the deal with FTX is ongoing https://www.ft.com/...

• @johnedeaton1 John E Deaton on x

  I absolutely believe @cz_binance. I think he found out that @SBF_FTX was pushing regulators in a direction not good for crypto in general and specifically bad for @binance and he basically publicly distanced himself. I doubt he truly foresaw the contagion. https://twitter.com/...

• @btc_archive @btc_archive on x

  BINANCE CEO: We did not have “master plan” to takeover FTX. 🤔

• @adamsamson Adam Samson on x

  FTX's near collapse has “severely shaken” confidence in the crypto industry, will heighten regulatory scrutiny and is not “a win” for Binance, according to an internal memo sent by @cz_binance. https://www.ft.com/... @joshckoliver

• @alistairmilne Alistair Milne on x

  No shit https://twitter.com/...

• @yassineark Yassine Elmandjra on x

  - FTX secretly insolvent - BTC testing new lows - Alameda toast - Binance planning to acquire FTX - FTT down 80% headed to 0 - CZ announces proof of reserves - Su Zhu re-emerges - Do Kwon and Martin Shkreli on UpOnly - Coinbase temporarily down How was your day at the office?

• @davidsacks David Sacks on x

  🎯 https://twitter.com/...

• @matt_levine Matt Levine on x

  Our teams are working on clearing out the newsletter backlog as is. https://www.bloomberg.com/...