Evening News ｜ Zhao Changpeng signs a non-binding letter of intent to acquire FTX with SBF; Su Zhu indicates plans to rebuild his home with new goals

Organizer: Creed, ChainCatcher

"What important events have occurred in the past 24 hours?"

1. Zhao Changpeng: Plans to fully acquire FTX.com and help resolve liquidity crunch, has signed a non-binding letter of intent with FTX

Zhao Changpeng tweeted, "This afternoon, FTX sought our help due to a severe liquidity crunch. To protect users, we signed a non-binding letter of intent to fully acquire FTX.com and help resolve the liquidity crunch. We will conduct complete due diligence in the coming days. Binance reserves the right to withdraw from the transaction at any time. We expect FTT to become highly volatile in the coming days as things develop." (Source link)

2. SBF: Has reached a strategic transaction agreement with Binance, team is working to address backlog of withdrawals

FTX founder Sam Bankman-Fried (SBF) tweeted, "We have reached a strategic transaction agreement with Binance regarding FTX.com, and the team is working to address the backlog of withdrawals, which will clear the liquidity crunch. All assets will be 1:1 covered. This is one of the main reasons we asked Binance to step in. It is important that customers are protected. Many thanks to CZ, Binance, and all our investors." (Source link)

3. SBF sought $1 billion in funding, but the funding gap has widened to $6 billion

According to Semafor citing informed sources, SBF sought help from billionaires on Wall Street and Silicon Valley for $1 billion in emergency funding before reaching an acquisition agreement with Binance. However, by noon on Tuesday, FTX's funding gap had rapidly expanded to $5-6 billion. (Source link)

4. Bloomberg: SBF's net worth fell 93% in one day

Bloomberg Terminal updated its estimate of FTX CEO Sam Bankman-Fried's net worth on November 8, dropping from $16 billion the previous day to $991 million. SBF currently holds stakes in Voyager Digital, Robinhood, Alameda Research, and BlockFi, which constitute part of his wealth. (Source link)

5. Three Arrows Capital founder Su Zhu: Thank you to everyone who supported us, may rebuild with new goals in the future

Three Arrows Capital founder Su Zhu tweeted several times after a few days, stating, "I was there, surfing in the waves, and was swept away in a moment, the board broke, and there were rocks everywhere. As a golden boy in the broader sense of the industry + business cycle, the sudden pain of business failure and loss of goals is as difficult as the ensuing rejection and demonization. Thank you to everyone who has supported us from the beginning; I deeply appreciate your sympathy. I want to say to everyone who has not made reserved judgments, I understand your doubts, and I deeply appreciate your patience and endurance. For those who attack us and try to make us scapegoats for the entire industry, I know that this sharp rhetoric comes from pain and misguidance; you must have suffered greatly and are looking for an outlet, some relief. I hope peace comes upon you. Thanks to journalists and regulators who calmly look at the facts rather than hysterically, letting time prove that although our positioning was wrong, our integrity remains steadfast. I have developed a new respect for the older generation, who have a keen sense of history and weight ratios."

"So what have I done? Reconnecting with long-lost friends, rebuilding my spirit and health. Also surfing, learning new languages, praying for those who were hurt with me, praying for those who wanted to hurt me, praying for those who are injured. So what’s next? I’m not sure; on one hand, I want to live a quiet life in the woods, on the other hand, I want to rebuild with new goals. I will share more thoughts and reflections later; I think of all of you." (Source link)

6. Adam Cochran: Jump Crypto may suffer due to over-investment in the Solana ecosystem and FTX

Cinneamhain Ventures partner Adam Cochran tweeted, "I don’t know the news about Jump Crypto, but I just realized today must be a bad day for them because they have over-invested in the Solana ecosystem and co-invested in FTX. Currently, the status of several related on-chain addresses I can find is still stable." (Source link)

7. Data: Alameda's 56 addresses starting with "0x" have a total net asset size of approximately $222.4 million

According to the latest data disclosed by Lookonchain, 56 addresses under Alameda starting with "0x" have a total net asset size of approximately $222.4 million. The data shows that Alameda currently has 19 addresses with net assets exceeding $100,000 and 13 addresses with net assets exceeding $1 million, but the concentration is very high (most assets are concentrated in a few addresses).

Additionally, by analyzing Alameda's wallet assets, it was found that among the non-stablecoin digital assets currently held by Alameda, only ETH, BIT, and FTT have values exceeding $1 million. (Source link)

"What are some noteworthy articles to read in the past 24 hours?"

1. “The Crumbling SBF, an Unimaginable Ending”

This may be the most dramatic event in the history of the crypto industry. Just a few months ago, FTX, known for its deep pockets and frequently rescuing other companies, suddenly found itself in a liquidity crisis, teetering on the brink, and was quickly acquired by a former major competitor. The rapid turn of events is astonishing, and almost no one anticipated this outcome. As the situation unfolds, the derivative impacts of this acquisition may far exceed the acquisition itself.

2. “Forbes: SBF is not a true believer in crypto, his legend may be over”

FTX is trapped in a complex maze, facing numerous obstacles. We have reason to doubt whether Bankman-Fried will remain in the cryptocurrency space for the long term. SBF may stay in the crypto space or may want to rebuild his empire. But he is not a true believer in crypto; these are all unknowns.

3. “Which institutions have recently updated their proof of reserves?”

CZ tweeted today that crypto exchanges should not implement a fractional reserve system like banks; all crypto exchanges should publicly disclose proof of reserves. Binance will soon begin to provide proof of reserves to maintain full transparency. Subsequently, OKX announced plans to release proof of reserves within the next 30 days; Bitget also stated it would disclose proof of reserves. Will proof of reserves be the remedy to prevent another "earthquake" in the crypto circle?