1. Binance to liquidate its entire $FTT holdings
📰 On 6 Nov, Changpeng “CZ” Zhao, CEO of Binance announced over a tweet that his company will liquidate the entirety of its position in $FTT as part of their "post-exit risk management"
📰 Binance’s decision to liquidate the token is due to reports surrounding a recently leaked balance sheet from Alameda Research, which alleges billions of dollars worth of assets are tied up in FTX’s token
2. Binance CEO not interested in Alameda’s offer to buy up its FTT holdings
📰 On 7 Nov, Changpeng “CZ” Zhao, CEO of Binance declined the offer by Alameda Research CEO Caroline Ellison to buy Binance’s FTT holdings for $22 per token
📰 At the time, Zhao said he would try to sell the tokens in a way that “minimizes market impact” and said the token sales would take “a few months to complete”.
3. Binance plans to acquire major rival FTX
📰 On 8 Nov, Binance signed a nonbinding agreement to buy FTX to help cover a "liquidity crunch", pending the company's due diligence process.
📰 Meanwhile, Sam Bankman-Fried, FTX founder and CEO, said that teams were working on clearing out the current backlog of withdrawals and that all assets will be covered 1:1.
4. Binance Backs Out of Deal to Buy FTX: 'Beyond Our Ability to Help'
📰 On 9 Nov, just one day after Binance announced its intent to acquire FTX for an undisclosed amount, the company pulled out of the deal.
📰 Binance said in a statement that their hope was to be able to support FTX’s customers to provide liquidity, but the issues were beyond their control or ability to help.
https://decrypt.co/114052/binance-cancels-plans-acquire-ftx
5. Cryptocurrency exchange FTX files for bankruptcy protection in US
📰 On 10 Nov, FTX filed for bankruptcy protection in the US and its founder, Sam Bankman-Fried, also resigned as chief executive.
📰 Also included in the bankruptcy filing were “approximately 130” further businesses that made up the sprawling FTX group, a network of associated companies tied together through subsidiaries, contractual agreements, and the shared figurehead of Bankman-Fried himself.
📰 The bankruptcy filing showed FTX has more than 100,000 creditors, assets in the range of $10bn to $50bn as well as liabilities of between $10bn and $50bn.
6. FTX hit by rogue transactions, analysts saw over $600 million outflows
📰 On 12 Nov, FTX said it had detected unauthorized access and analysts said over $600 millions of dollars of assets had been moved from the platform in suspicious circumstances.
📰 FTX Chief Executive John J. Ray III said that the company was working with law enforcement and regulators to mitigate the problem, and was making every effort to secure all assets, wherever located.
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