The Crypto Illuminati

Share this post

Clash of the Titans - Binance and FTX Ordeal Explained by Crypto Twitter

thecryptoilluminati.substack.com

Discover more from The Crypto Illuminati

Some might call us a community of degens obsessed with bringing Enlightenment to the Crypto Community
Over 3,000 subscribers
Continue reading
Sign in
Weekly Newsletter

Clash of the Titans - Binance and FTX Ordeal Explained by Crypto Twitter

Illuminati Archives - Crypto Twitter Op-Ed

TheoDelarosa
Nov 9, 2022
1
Share this post

Clash of the Titans - Binance and FTX Ordeal Explained by Crypto Twitter

thecryptoilluminati.substack.com
Share

The Crypto world has been absolutely floored by recent events. What seemingly started as some Twitter drama between the billionaire CEOs of two of the world’s largest crypto exchanges, escalated into fears, rumors and speculation of insolvency, bank runs and a blackswan liquidity crisis to dwarf the Three Arrows Capital and Terra Luna crash. All of it seemingly has culminated in Binance agreeing to acquire FTX - the implications of which will be massive. Let’s rewind and observe how the story played in real time… as immortalized by Crypto Twitter.  

Before we get started... Want early access to our research threads? Sign up to our Substack to receive daily coverage on everything you need to know about going on in the crypto directly in your inbox:

Done? Now let’s dive in!

How it started: first, we start at the beginning - going back in time and studying the origins of the conflict between CZ and SBF

Twitter avatar for @alex_valaitis
Alex Valaitis @alex_valaitis
Well @binance and @FTX_Official are officially at war with each other. What most people don't realize is that this conflict has been brewing since 2019. Here's the complete history of how we got to this point and why you should care MUST READ 🧵
Image
8:07 PM ∙ Nov 7, 2022
12,117Likes3,727Retweets

Then the first shot was fired - The Shot Heard ‘Round the Crypto Twitter World

Twitter avatar for @cz_binance
CZ 🔶 Binance @cz_binance
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
3:47 PM ∙ Nov 6, 2022
22,788Likes4,872Retweets

An offer of peace…

Twitter avatar for @carolinecapital
Caroline @carolinecapital
@cz_binance if you're looking to minimize the market impact on your FTT sales, Alameda will happily buy it all from you today at $22!
4:03 PM ∙ Nov 6, 2022
7,950Likes1,187Retweets

An offer rejected…

Twitter avatar for @cz_binance
CZ 🔶 Binance @cz_binance
Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.
9:49 PM ∙ Nov 6, 2022
34,557Likes6,017Retweets
Twitter avatar for @cz_binance
CZ 🔶 Binance @cz_binance
@tier10k I didn't say that. It was a question, not a commitment. I think we will stay in the free market. We still hold LUNA (now LUNC) today. 😂
7:35 PM ∙ Nov 7, 2022
2,420Likes731Retweets

Crypto Twitter steps in to explain the madness….

Twitter avatar for @crypt0snews
Omar Bham (Crypt0) @crypt0snews
The FTX / Binance situation explained:
Image
7:35 PM ∙ Nov 6, 2022
5,991Likes1,404Retweets
Twitter avatar for @milesdeutscher
Miles Deutscher @milesdeutscher
Sam Bankman-Fried was once admired as the king of crypto. Now Alameda and FTX are rumoured to be on the brink of insolvency. 🧵: Here's how it all went wrong for SBF and FTX. 👇
2:50 PM ∙ Nov 7, 2022
11,847Likes3,243Retweets

How it’s going… The acquisition to end all acquisitions

Twitter avatar for @SBF_FTX
SBF @SBF_FTX
1) Hey all: I have a few announcements to make. Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.).
4:03 PM ∙ Nov 8, 2022
21,052Likes6,887Retweets
Twitter avatar for @cz_binance
CZ 🔶 Binance @cz_binance
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 FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
4:09 PM ∙ Nov 8, 2022
60,220Likes17,734Retweets

CT analyzes and reacts….

🍿

Twitter avatar for @wassielawyer
wassielawyer @wassielawyer
1/ Ok so just processing this out loud because I am pretty mindblown that FTX chose - of all options, a buyout from Binance. These were the options open to SBF: (a) seek emergency debt financing, (b) seek new money investment, (c) liquidate assets and/or (d) buy time...
4:58 PM ∙ Nov 8, 2022
2,289Likes487Retweets

🍿

Twitter avatar for @yassineARK
Yassine Elmandjra @yassineARK
- FTX secretly insolvent - BTC testing new lows - Alameda toast - Binance planning to acquire FTX - FTT down 80% headed to 0 - CZ announces proof of reserves - Su Zhu re-emerges - Do Kwon and Martin Shkreli on UpOnly - Coinbase temporarily down How was your day at the office?
7:38 PM ∙ Nov 8, 2022
4,857Likes1,036Retweets

🍿

Twitter avatar for @coffeebreak_YT
Coffeezilla @coffeebreak_YT
For those who haven't been following: The world's 2nd biggest crypto exchange (FTX) just got bought out today by the number 1 (BINANCE), because it was secretly insolvent by over $1 billion and couldn't cover withdrawals. This is the wildest timeline.
6:08 PM ∙ Nov 8, 2022
2,795Likes344Retweets

🍿

Twitter avatar for @twobitidiot
Ryan Selkis 🥷 @twobitidiot
Nine years in crypto. Today is the craziest day since I bought my first Bitcoin in 2013. Crazier than Mt Gox Much crazier than 3AC/ LUNA Just shocking.
5:11 PM ∙ Nov 8, 2022
6,691Likes688Retweets

🍿

Twitter avatar for @boazweinstein
boaz weinstein @boazweinstein
Every day I read about crypto, I understand it less and less. FTX was in talks two months ago to raise 1bn equity at a 32bn valuation. Binance threatens to dump 500mm FTX tokens and the whole thing just collapses? Explain it to me like I’m a 65 year old.
7:02 PM ∙ Nov 8, 2022
4,227Likes277Retweets

Finally, a summary timeline of events - What a journey…

Twitter avatar for @CryptooIndia
Crypto India @CryptooIndia
1/ Binance to acquire FTX 🧵👇🏽 Timeline: 👉25th Aug - Sam Trabucco quits as Alameda Research CEO 👉27th Sep- Brett Harrison Quits as #FTX US president 🇺🇸 👉17th Oct - FTX under investigation by Texas DOB 👉23rd Oct - SBF criticized for supporting the DCCPA #DeFi bill 📄
Image
6:57 PM ∙ Nov 8, 2022
119Likes35Retweets
Twitter avatar for @jonwu_
jonwu.eth @jonwu_
FTX was the world's 3rd largest crypto exchange. Today it's said to be insolvent and in the midst of an acquisition by Binance. Here's everything you need to know about Alameda Research and the collapse of FTX: 👇
9:51 PM ∙ Nov 8, 2022
408Likes106Retweets

P.S. - Some last words…

Twitter avatar for @cz_binance
CZ 🔶 Binance @cz_binance
Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Don't use capital "efficiently". Have a large reserve. Binance has never used BNB for collateral, and we have never taken on debt. Stay #SAFU.🙏
10:05 PM ∙ Nov 8, 2022
11,188Likes2,125Retweets

Whew….. What a roller coaster. Crypto never sleeps and this event had everyone on the edge of their seats. Where will we go from here? Make sure to follow us as we catalog and archive the story of crypto. The next chapter is being written as we speak.

Our mission is to bring together the best, brightest and most influential minds in Crypto. To ask the difficult questions and work towards the goal of bringing enlightenment to the Crypto community.

We aim to help cultivate ideas and drive thought leadership through our illustrious network. Herein lies the wisdom shared with us by our esteemed contributors.

Please Like, Share, Leave Feedback, and Follow Us on Twitter and Telegram to stay connected with us in our humble mission to bring enlightenment to the Crypto community. 

Leave a comment

Share The Crypto Illuminati

1
Share this post

Clash of the Titans - Binance and FTX Ordeal Explained by Crypto Twitter

thecryptoilluminati.substack.com
Share
Comments
Top
New
Community

No posts

Ready for more?

© 2023 Momentum 6
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing