After all the rumors surrounding cryptocurrency exchanges Binance and FTX, Binance CEO Changpeng Zhao (CZ) confirmed that his company is planning to buy rival FTX.

According to CZ, FTX officials said they were facing a severe liquidity crisis and needed immediate help.

Minutes after CZ’s announcement, FTX CEO Sam Bankman FRED confirmed that the deal would go through. His announcement was as follows:

1) Hello everyone: I have some announcements to make.

All done, the first and last investors are the same: we have reached an agreement on a strategic agreement with Binance.

He said the teams back at the FTX offices are working to clear the cloud buildup issues, which will eventually alleviate the liquidity crunch.

All assets are covered in 1:1 ratio.

He noted that this was one of the main reasons he sought Binance’s help.

Although the two presidents got into a heated war of words on Twitter a few days ago, Bankman thanked Mr. CZ, director of Binance.

He tweeted about this:

CZ has done a great job of building a global cryptocurrency ecosystem, creating an open financial world.

However, it is still unknown why the bankman previously claimed that FTX is better and the assets are better as he previously tweeted:

A competitor is trying to stalk us with false rumors.

FTX is good and assets are good.

The following line:

Whether it is controlling panic selling or completely hiding the facts from the public, this is the second biggest disaster for cryptocurrencies after the recent Terra Luna disaster.

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