Sam Bankman Fried confirms FTX buyout deal and thanks Changpeng Zhao for his help

Following CZ’s announcement, FTX CEO Sam Bankman-Fried confirmed that the deal to buy FTX from Binance would go through.

After all the rumors surrounding crypto-currency exchanges Binance and FTX, Binance CEO Changpeng Zhao (CZ) has confirmed that his company is considering a buyout of rival FTX. According to Changpeng Zhao, FTX officials told him that there was a severe cash shortage and a need for immediate help.

Minutes after Changpeng Zhao’s announcement, FTX CEO Sam Bankman-Fried confirmed that the deal would go through.

1) Hey all: I have a few announcements to make.

Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).

– SBF (@SBF_FTX) November 8, 2022

He went on to say that the FTX office teams were working on eliminating the backlog of withdrawals, which would finally resolve the liquidity issues. And, all assets would be covered 1:1. He noted that this was one of the main reasons they had sought Binance’s help.

Although the two bosses were embroiled in a bitter war of words a few days ago on Twitter, SBF continued to thank CZ. He also tweeted,

“CZ has done, and will continue to do, incredible work to build the global crypto ecosystem, and create a freer economic world.”