Binance's FTX acquisition seen as chess move by crypto community
Binance's decision to liquidate 23 million FTT tokens triggered FTX's liquidity crisis. "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....
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Chess.com, one of the most popular chess internet sites, has announced it will host a contest called “Cryptochamps,” a crypto-themed chess tournament. The event, which will be sponsored by Coinbase, will feature several important cryptocurrency personalities and will offer prizes that will be donated to charity next month. Crypto Meets Chess at Cryptochamps Chess.com, the largest chess-playing site on the internet, just announced it will host a new cryptocurrency-themed tournament called Cryptochamps. Powered by Coinbase, the online event will pit important crypto influencers....
On Monday, cryptocurrency exchange FTX announced its latest partnership with chess company Play Magnus Group — a Norway-listed chess company founded by Grandmaster and world chess champion Magnus Carlsen. According to the deal, FTX will become the official partner of the Meltwater Champions Chess Tour. Featuring top 10 players from around the world, the sixth […]
Following the competition, a replica of Carlsen's NFT trophy was auctioned off to a fan for 6.88 ETH. For the first time in chess history, grandmaster Magnus Carlsen has been awarded a nonfungible token (NFT) trophy for winning an international chess tournament, Meltwater Champions Chess Tour (MCCT). The tournament minted a number of NFT trophies and collectibles to indefinitely preserve the game’s most defining moments. Speaking to Cointelegraph, Carlsen shared his appreciation of the cryptocurrency ecosystem for supporting virtual chess tournaments. The chess champion cited MCCT’s recent....
CEO Changpeng Zhao (CZ) gave statements to clarify the air amid the FTX ordeal and circumstances surrounding its acquisition by Binance. On Tuesday, FTT, the FTX native token, went to ruins with over 73% decline. It happened after the exchange liquidated its Ethereum holdings to mitigate its insolvency crisis. Before the crisis became known, the CEO of FTX, Bankman-Fried, debunked rumors of the firm’s financial pressure. He said the firm’s asset remains okay, and there was no threat of insolvency. Related Reading: Bitcoin Bloodbath Takes Crypto To New Bear Market Lows |....
The world’s largest cryptocurrency exchange Binance will not go through with purchasing the rival crypto exchange FTX. The company noted that after due diligence and “news reports regarding mishandled customer funds,” Binance has decided not to pursue the FTX acquisition. Binance Drops the FTX Acquisition After the crypto exchange Binance revealed it would purchase FTX, the exchange has detailed it has backed out of the proposed deal. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US....