{"id":69839,"date":"2022-11-10T09:47:12","date_gmt":"2022-11-10T07:47:12","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69839"},"modified":"2025-09-07T22:23:16","modified_gmt":"2025-09-07T19:23:16","slug":"binance-abandons-bid-for-ftx-justin-sun-says-he-will-help-find-a-solution","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-abandons-bid-for-ftx-justin-sun-says-he-will-help-find-a-solution\/","title":{"rendered":"Binance abandons bid for FTX. Justin Sun says he will help find a &#8216;solution&#8217;."},"content":{"rendered":"<p>The cryptocurrency exchange Binance has abandoned its bid to acquire FTX. The company said it would be unable to resolve the platform&#8217;s problems.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">In the beginning, our hope was to be able to support FTX\u2019s customers to provide liquidity, but the issues are beyond our control or ability to help.<\/p>\n<p>\u2014 Binance (@binance) <a href=\\\"https:\/\/twitter.com\/binance\/status\/1590449164932243456?ref_src=twsrc%5Etfw\\\">November 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>As a result of a comprehensive corporate review, as well as in light of the latest news reports about mismanagement of customer funds and alleged investigations by US agencies, we have decided that we will decline a potential acquisition of FTX.com.<\/p>\n<\/blockquote>\n<p>On November 6, Binance chief Changpeng Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/alameda-research-says-it-would-buy-ftt-from-binance-at-22-per-token\">said<\/a> that the exchange aimed to dispose of the FTX utility token (FTT). Assets together with BUSD totaling about $2.1 billion formed the outcome of the firm&#8217;s exit from its portfolio investment in the platform.<\/p>\n<p>Against the backdrop of concerns about FTX&#8217;s financial stability, the FTT price for several hours <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-token-falls-nearly-30\">plummeted<\/a> by nearly 30%. According to <a href=\\\"https:\/\/www.coingecko.com\/en\/coins\/ftx-token\\\">CoinGecko<\/a>, the token fell 90% over the week (\u221247% in the last 24 hours). At the time of writing, the asset trades near $2.44.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"466\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/FTTUSDT_2022-11-10_09-14-01-1024x466.png\\\" alt=\\\"Binance abandons bid for FTX. Justin Sun says he will help find a 'solution'.\\\" class=\\\"wp-image-190371\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/FTTUSDT_2022-11-10_09-14-01-1024x466.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/FTTUSDT_2022-11-10_09-14-01-300x137.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/FTTUSDT_2022-11-10_09-14-01-768x350.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/FTTUSDT_2022-11-10_09-14-01-1536x699.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/FTTUSDT_2022-11-10_09-14-01.png 1814w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Hourly chart of FTT\/USDT on Binance. Data: <a href=\\\"https:\/\/www.tradingview.com\/symbols\/FTTUSDT\/\\\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>On November 8, Sam Bankman-Fried and Changpeng Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/binance-chief-changpeng-zhao-announces-purchase-of-ftx\">announced<\/a> a strategic partnership. It was intended to address the liquidity crisis and envisaged a possible acquisition of FTX by Binance.<\/p>\n<p>Then Zhao stressed that his company reserved the right \u201cto withdraw from the deal at any time.\u201d<\/p>\n<p>After Binance&#8217;s decision not to acquire the platform, Tron founder Justin Sun said that together with FTX they \u201care developing a solution that will allow moving forward.\u201d He did not specify what initiative is under discussion.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">The ongoing liquidity crunch, despite short term in nature, is harmful to the industry development and investors alike.<\/p>\n<p>\u2014 H.E. Justin Sun\ud83c\udf1e\ud83c\uddec\ud83c\udde9\ud83c\udde9\ud83c\uddf2\ud83d\udd25 (@justinsuntron) <a href=\\\"https:\/\/twitter.com\/justinsuntron\/status\/1590539976487620608?ref_src=twsrc%5Etfw\\\">November 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00ab\u041d\u0435\u0441\u043c\u043e\u0442\u0440\u044f \u043d\u0430 \u043a\u0440\u0430\u0442\u043a\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0439 \u0445\u0430\u0440\u0430\u043a\u0442\u0435\u0440, \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0430\u044e\u0449\u0438\u0439\u0441\u044f \u0434\u0435\u0444\u0438\u0446\u0438\u0442 \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u0438 \u043d\u0430\u043d\u043e\u0441\u0438\u0442 \u0432\u0440\u0435\u0434 \u0440\u0430\u0437\u0432\u0438\u0442\u0438\u044e \u043e\u0442\u0440\u0430\u0441\u043b\u0438 \u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0430\u043c. \u041c\u043e\u044f \u043a\u043e\u043c\u0430\u043d\u0434\u0430 \u0440\u0430\u0431\u043e\u0442\u0430\u0435\u0442 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e, \u0447\u0442\u043e\u0431\u044b \u043f\u0440\u0435\u0434\u043e\u0442\u0432\u0440\u0430\u0442\u0438\u0442\u044c \u0443\u0445\u0443\u0434\u0448\u0435\u043d\u0438\u0435 \u0441\u0438\u0442\u0443\u0430\u0446\u0438\u0438. \u042f \u0432\u0435\u0440\u044e, \u0447\u0442\u043e \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u0430 \u043f\u0440\u0435\u043e\u0434\u043e\u043b\u0438\u043c\u0430 \u0431\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u044f \u043a\u043e\u043c\u043f\u043b\u0435\u043a\u0441\u043d\u043e\u043c\u0443 \u0441\u043e\u0442\u0440\u0443\u0434\u043d\u0438\u0447\u0435\u0441\u0442\u0432\u0443 \u0441 \u043d\u0430\u0448\u0438\u043c\u0438 \u043f\u0430\u0440\u0442\u043d\u0435\u0440\u0430\u043c\u0438\u00bb, \u2014 \u043e\u0442\u043c\u0435\u0442\u0438\u043b \u043e\u043d.<\/p>\n<\/blockquote>\n<p>Later, Sun added that FTX resumed trading of Tron (TRX) on its platform, and that the parties were working to restore withdrawal functionality.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">This is only the initial step taken towards a wholistic solution that is being crafted to resuscitate and return to normalcy for all <a href=\\\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&#038;ref_src=twsrc%5Etfw\\\">#FTX<\/a> users. I greatly appreciate the collaborative work between <a href=\\\"https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw\\\">@FTX_Official<\/a> teams \ud83d\udd25<\/p>\n<p>\u2014 H.E. Justin Sun\ud83c\udf1e\ud83c\uddec\ud83c\udde9\ud83c\udde9\ud83c\uddf2\ud83d\udd25 (@justinsuntron) <a href=\\\"https:\/\/twitter.com\/justinsuntron\/status\/1590586174313488384?ref_src=twsrc%5Etfw\\\">November 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00abThis is only the first step on the path to a holistic solution that is being developed to resuscitate and return to normalcy for all users of FTX\u00bb, \u2014 wrote he.<\/p>\n<\/blockquote>\n<p>As noted by Coin Metrics&#8217; head of R&#038;D Lucas Nucci, a possible cause of FTX&#8217;s collapse could be <a href=\"https:\/\/u1f987.com\/en\/news\/coin-metrics-identifies-possible-cause-of-ftx-crisis\">a substantial financial backing<\/a> Alameda Research provided in Q2 2022.<\/p>\n<p>Read our Bitcoin news on ForkLog in our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 news on cryptocurrency, exchanges and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Binance has abandoned its bid to acquire FTX. The company said it would be unable to resolve the platform&#8217;s problems.<\/p>\n","protected":false},"author":1,"featured_media":69840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1236,1302],"class_list":["post-69839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-ftx","tag-justin-sun"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69839"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69839\/revisions"}],"predecessor-version":[{"id":69841,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69839\/revisions\/69841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69840"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}