CEO of Binance, Chang Peng Zhao just made a reveal that he’s watching acquiring FTX Global, based on an indication of the liquidity rescue exchange.

FTX Derivatives Exchange is making headlines today for all the wrong reasons and one of them is that the platform has stopped trading activities for users. Based on its own analysis, The Block first reported the transaction interruption, noting that the last time the trading platform stopped processing withdrawals, the last transaction was at 06:37 ET (11:37 GMT) on the chain. Ethereum blocks.

Raging FUD in the FTX Ecosystem

Blockchain.News had detailed all the fear, uncertainty, and doubt in previous reports, but the gist involves hyperinflation of the exchange’s native FTT token, as shown in the leaked balance sheet from Alameda Research.

It was also alleged that FTX has a reputation for lobbying other industry participants, a move that Binance CEO Changpeng Zhao noted in a recent tweet promising to sell over $600 million worth of FTT tokens on his exchange’s vault.

The situation degenerated and FTX users began withdrawing their funds from the trading platform with a corresponding dump of FTT, which plunged 19.04% to $18.50 in the last 24 hours.

As several analysts predicted, the withdrawal suspension could have been fueled as a result of the bank run placed on the exchange platform.

Moving Forward: The Binance-FTX Deal

While its details remain unknown, FTX CEO Sam Bankman-Fried has come out to announce that its platform and Binance have signed a strategic agreement with Binance.

Having revealed that a competitor is likely spreading false rumors about its operations, Bankman-Fried acknowledged Binance’s role in the ecosystem. In a later tweet, CZ confirmed that Binance will purchase FTX Global and perform due diligence on the deal in due course.

CZ noted that nothing is final yet and that Binance can still decide to withdraw from the deal at any time. The industry bristled at these latest updates and the combined crypto market capitalization fell 2.33% to $1.01 trillion.

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