[Feature] FTX-Binance War Day 4: The Deal Fell Through

CZ & Binance

1. On the night of November 9th, the CEO of Binance, CZ, publicly shared on Twitter the company’s internal email that he blasted to his employees. In this note, CZ clarified that they (presumably him and his management team) did not master plan any of the events that happened for the past few days.

There were a few key points to take in this note:

i. CZ was surprised when SBF called him; at first, he thought perhaps it was an OTC (over-the-counter) deal.

ii. CZ reminded his staff not to buy and sell FTT tokens. He also asked his team to stop selling as an organisation.

iii. CZ told his staff not to comment on the deal publicly or internally.

iv. CZ thinks the fall of FTX is not doing any good for the crypto industry and does not consider it a Binance win, as crypto user confidence is severely shaken.

v. CZ reminded all staff to ignore the crypto prices, which he has said many times over the years.

2. Within a few hours of the release of the email, Binance announced they had decided not to pursue the acquisition of FTX.

3. CZ even tweeted a “crying” emoji.

SBF, FTX & Alameda Research

1. The FTX website (ftx.com) is accessible but cannot process withdrawals. The once-top-three largest exchange has also stopped users from registering new accounts.

2. Alameda Research website is completely down.

3. The CEO of FTX and Alameda Research, SBF, has not tweeted anything since his last announcement on November 9th. However, he did retweet a tweet that Justin Sun posted on the morning of November 10th.

Justin Sun, Huobi & Tron-related Tokens

1. Amid the Binance acquisition that was still ongoing yesterday, the advisor of Huobi and CEO of Tron, Justin Sun, promised a 1:1 ratio token exchange of Tron-related tokens (TRX, BTT, JST, SUN, HT) even if the token holders are unable to withdraw from the FTX exchange.

2. Justin Sun and his team are working hard to find a solution.

3. The five Tron-related tokens have all resumed trading. Withdrawals will be next.