The letter of intent is nonbinding, and Binance CEO Changpeng “CZ” Zhao said the firm will conduct due diligence before the acquisition. Binance’s acquisition came after CZ said on Sunday he’d sell FTX’s FTT token, leading to a plunge in the token’s value. That token was the biggest asset on the balance sheet of Alameda Research, the trading firm also founded by Sam Bankman-Fried, the CEO of FTX, according to CoinDesk’s story.
The deal between the two companies isn’t totally done. “This is a highly dynamic situation, and we are assessing the situation in real time,” CZ said on Twitter.
