Breaking news from the crypto space that is currently a topic for discussion and trend on the bird app is the acquisition of the crypto exchange owned by Sam Bankman-Fried known as FTX by another exchange giant called Binance. It's not a new thing that Binance CEO, CZ is a boss when it comes to pulling new strings and business moves. This time he has pulled one on Sam Bankman-Fried by tweeting about his move to acquire the American Billionaire's Exchange.
In CZ's tweet, he wrote
This goes to explain that FTX requested assistance from Binance with their liquidity crunch problem, which refers to a situation where there is a shortage of cash flow within the company. In exchange for the assistance, FTX will sign a none binding LOI, known as a Letter Of Intent stating Binance can fully acquire FTX and this was done with the intent to protect users.
This alone goes to explain the true definition of checkmate. You know that explanation I give to my chess kids during our classes about what checkmate is, defining it as a situation where the king is placed in a helpless position and still under attack but yet cannot do anything to save himself? Well, this is what CZ has done to Sam, FTX is in a situation where it has been made helpless because of its liquidity crunch issue and has no other choice but to surrender to the demands of its competitor Binance which will bite them in the ass.
Even Clark came out to tweet about the kind of dynamic chess CZ is really playing in the crypto world.
Yup! The rich gets richer on a ridiculous sequence!
What do you think? How would this play out? Cz is just a genius?
Posted Using LeoFinance Beta
