Binance's FTX acquisition seen as chess move by crypto community
"Who needs Netflix when you are in crypto?", commented a user on Twitter as the crypto industry attempts to digest the acquisition of cryptocurrency exchange FTX by its rival Binance. The deal, disclosed on Nov 8., has been compared with a "chess move" by some, insinuating that Binance's strategy intentionally led to the deal.
Users on Twitter claimed that "CZ just executed the most gangster play we've seen in Crypto, ever, period," referencing the series of tweets from Binance CEO Changpeng Zhao that triggered the acquistion.
CZ just executed the most gangster play we've seen in Crypto, ever, period. The BALLS on this man. Truly -- bravo.Also bravo to Sam to choose the correct option that protects customer assets, swallow his pride, and not burn everything down in an unnecessary fight.WHAT A SHOW!
The community also compared the move with Elon's Musk Twitter acquisition:
@SBF_FTX Another slow poison implemented by @cz_binance like @elonmusk used against Twitter to acquire it.MonopolyAnd we hate it.#FTX is the best exchange.
In a brief recap, in a Nov. 6 tweet, Zhao announced the decision to liquidate Binance's position on FTX token (FTT) was made after “recent revelations that have came to light,” citing "post-exit risk management" reasons.
FTX founder and CEO Sam Bankman-Fried, or SBF, took to Twitter on Nov. 7 to claim that a competitor was trying to go after the cryptocurrency exchange with false rumors. FTX "assets are fine," he said, stating that it had enough funds to cover all client holdings and does not invest client assets, even in treasuries. In the same thread, SBF also called for collaboration with the rival exchange Binance.
As reported by Cointelegraph, the series of tweets triggered a sell-off of FTX Token
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