糖心视频

A rocky crypto market received another seismic jolt Tuesday when said it had signed a nonbinding letter of intent to acquire FTX.com, the non-U.S. exchange associated with .

Binance CEO , 鈥渢here is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire and help cover the liquidity crunch.鈥�

He added the company will do its due diligence in the coming days.

FTX founder confirmed the agreement .

Binance is the largest crypto exchange by volume, while FTX is the fourth. The deal does not involve FTX鈥檚 U.S. business, .

The deal comes after a few days of investors鈥� concerns centering on FTX鈥檚 native token, FTT.

During the weekend, Zhao Binance would sell its holdings of FTT.

鈥淒ue to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books,鈥� he said.

On Monday, FTT witnessed a major sell-off amid concerns about the solvency of FTX and Bankman-Fried鈥檚 other trading firm , amidst reports Alameda had a large portion of FTT on its balance sheet. Alameda has disputed that claim.

FTT prices have not responded well to the controversy, dropping about 65% in the last seven days.

Concerns seemed to be heightened Monday and Tuesday when users reported slow withdrawals on FTX鈥檚 platform. Bankman-Fried has since said the company is working to clean out a backlog.

The deal is stunning when considering earlier this year FTX raised $400 million at a valuation. According to Crunchabse, FTX has raised nearly $2 billion. Investors in FTX include the , Singapore鈥檚 and .

Zhao and Binance also were early investors in FTX.

has estimated Bankman-Fried鈥檚 net worth to be $17 billion.

Illustration: Dom Guzman