Some questions about FTX’s “liquidity crunch” and its deal to sell to Binance, probably for a fraction of its former valuation of tens of billions of dollars (Matt Levine/Bloomberg)

@cz_binance:
Binance CEO Changpeng Zhao says that the company signed a non-binding LOI to fully acquire FTX and help cover the liquidity crunch, pending due diligence  —  This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://ftx.com/ and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

Joanna Ossinger / Bloomberg:
Binance’s BNB token dropped 9% over the past month, even as bitcoin remains steady, after record outflows; BNB has jumped over 1,600% in the past three years  —  The native token of crypto exchange Binance Holdings Ltd. snapped a prolonged slide that was sparked in part by concerns about outflows …

Sam Reynolds / CoinDesk:
Binance announces a recovery fund to help “otherwise strong” projects facing a liquidity crisis; Justin Sun says Tron, Huobi, and Poloniex will support Binance  —  Tron founder Justin Sun said that Tron, Huobi Global and Poloniex will support Binance in its initiative.

Paul J. Davies / Bloomberg:
An attempt to understand how much real-world money was lost by SBF and FTX, a key question for the SEC, suggests only a fraction of crypto’s peak $3T value  —  Now that Samuel Bankman-Fried has been detained in the Bahamas, US authorities are preparing to finally put the question that everyone’s …

Binance Blog:
Binance CEO Changpeng Zhao says Binance is not a Chinese company and rejects suggestions of it being secretly run by a Chinese national, Guangying Chen  —  One of the many strengths that our employees at Binance must possess is thick skin.  After all, this industry is the subject of a lot …

Jamie Crawley / CoinDesk:
Binance says Mazars, the auditing firm that worked on proof-of-reserves reports for Binance, Crypto.com, and others, has paused work for all crypto clients  —  Mazars has deleted Binance’s proof-of-reserves assessment, which found its bitcoin reserves were overcollateralized.