Binance to buy FTX|Beavisbg; FTX|CC BY-SA 4.0; via Twitter
Cryptocurrency firm Binance agreed to purchase FTX, saving the rival company from another meltdown.
CEO Changpeng Zhao took to Twitter on Tuesday and said Binance, the world’s largest crypto company, “signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch.”
The financial details of the deal are yet to be disclosed.
The deal comes after FTX’s financial struggles that include a $6 billion worth of withdrawal in the last 72 hours.