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German Chancellor Merz: (Regarding Ukraine) The EU will assess in the coming weeks how much financial assistance Ukraine actually needs; the €90 billion loan will not be enough.German Chancellor Merz: The European budget must be further reduced.On October 16th, the S&P 500 was essentially flat on Friday. While market concerns persist about the sustainability of the AI investment boom, signs that the Federal Reserve might keep interest rates unchanged this month boosted investor sentiment. However, the Nasdaq 100 fell 1%. Concerns about the AI ecosystem continued to weigh on tech stocks after a sharp drop in shares of cloud computing service provider CoreWeave. Andrew Tyler, global head of market intelligence at JPMorgan Chase, said, "Fed Chairman Warshs speech at the IMF last night reinforced market expectations that interest rates will remain unchanged in October. We are still looking for selective buying opportunities on dips." Market concerns about how long the AI boom can last have led to continued volatility in related stocks. Much of the pressure on Wall Street comes from global bond yields hovering near 20-year highs, pushing up financing costs and raising concerns about the resilience of AI spending. Tech companies are particularly vulnerable to rising interest rates because many companies valuations rely on expected profits that wont be realized for many years to come.On October 16, a drone strike targeted an industrial facility in the Surgut region of western Siberia, Russia. The region is home to several oil and gas facilities. Ruslan Kukharuk, governor of the Khanty-Mansi Autonomous Okrug, stated that the attack caused a fire at a facility in Surgut, located more than 2,130 kilometers northeast of Moscow. Kukharuk said, “Emergency personnel have arrived on the scene, and experts are assessing the scale and nature of the damage.” However, he did not disclose the name of the attacked facility. This attack came after Ukrainian President Volodymyr Zelenskyy ordered the resumption of strikes against Russian oil refineries. This followed escalating tensions between the two countries following President Trump’s restrictions on intelligence support to Ukraine. In an interview published Thursday in the Financial Times, Zelenskyy stated that Ukraine had suspended its attacks for three days in response to Trump’s call for an “energy ceasefire” on Sunday, but has now decided to end the suspension.Russian President Vladimir Putins special envoy, Grigory Dmitriev: We will soon announce other initiatives with the United States, in addition to the diesel trade. We will implement other projects before the end of Russias special military operations.

How Binance’s plan to buy FTX unfolded in a matter of days

Cory Russell

Nov 09, 2022 16:21

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In a dramatic move that concluded a series of back-and-forth exchanges between the CEOs of both businesses, cryptocurrency exchange Binance reached a non-binding agreement on Tuesday to acquire rival cryptocurrency exchange FTX.


The following are the most significant changes in the long-standing partnership between Binance and FTX:


* According to CoinDesk, Binance made an undisclosed investment in FTX, a derivatives exchange at the time, in December 2019. Additionally, Binance acquired long holdings in FTT, the native cryptocurrency of FTX. According to Fortune, Binance revealed in July 2021 that it was selling its share in FTX. According to Binance CEO Changpeng Zhao, as part of the exit, Binance received the equivalent of $2.1 billion in Binance's stablecoin and FTT. Nov. 2: The crypto news site CoinDesk reported on a leaked balance sheet from Sam Bankman-Fried, the CEO of FTX, and his cryptocurrency trading company Alameda Research, which still has a tight relationship with FTX. Of the $14.6 billion in assets held by Alameda, $3.66 billion are stored in "unlocked" FTT, according to a CoinDesk article.


The report's veracity and the source of the compromised balance sheet were both unable to be independently confirmed by Reuters. However, investors soon discovered that FTX, the token's biggest customer, looked to be excessively reliant on purchases from FTT, and that FTT's value was similarly heavily reliant on purchases from Alameda.


* Nov. 6, 9:32 a.m. ET: Caroline Ellison, CEO of Alameda, stated in a tweet that just a portion of the city's corporate companies were represented by the "balance sheet info which has been circulating recently." According to her, the company's assets total more than $10 billion and are not included in the CoinDesk report.


* November 6, 10:47 a.m. ET: On Sunday, Zhao tweeted that Binance will sell its FTT holdings "because to recent facts that have come to light," but he did not clarify which revelations he was referring to or how much of the token Binance held. This raised concerns.


* Nov. 7: Bankman-Fried claimed that "a competitor is trying to go after us with false rumors" in a string of tweets on Monday.


FTX is good. Having assets is fine, he remarked.


In a subsequent tweet, he mentioned Zhao by name and wrote, "I'd love it, @cz binance, if we could work together for the ecosystem."


* Nov. 8: According to a message provided by Bankman-Fried to workers that was viewed by Reuters, in the 72 hours preceding Tuesday morning, FTX had observed withdrawals totaling almost $6 billion.


Bankman-Fried stated that withdrawals have effectively been halted in a post on Tuesday morning.


After 11 a.m. ET, Bankman-Fried tweeted that FTX had "came to an agreement on a strategic acquisition with Binance for FTX.com" and that all assets would be covered 1:1 while teams worked to process the backlog of withdrawal requests.


Zhao tweeted that FTX is experiencing "a serious liquidity shortage," and Binance has signed a non-binding letter of intent to acquire FTX.com, except FTX's U.S. business, in order to safeguard users.

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