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On August 13th, it was reported that Zhenbao Technology, a listed company in Chinas semiconductor component sector, has invested in and will construct a semiconductor component R&D and production base in Optics Valley. The project has a total investment of 520 million yuan and a construction period of three years. The base will focus on three core product categories: silicon carbide components, high-purity silicon precision components, and aluminum nitride ceramic materials and related components. These are essential consumables for front-end manufacturing processes such as chip etching and thin-film deposition. Once operational, the base will rapidly expand the companys existing production capacity, providing convenient services to wafer manufacturing companies in Central China and shortening delivery cycles.On August 13, according to a report by The Times of Israel on the 12th, a US State Department official criticized Israeli Defense Minister Katz, pointing out that his remarks about "preparing for a long-term occupation of southern Lebanon" contradicted previous commitments made by the Israeli government. Katz reportedly claimed earlier on the 12th in southern Lebanon that "Israeli forces will remain in the security zone of Lebanon, Syria, and Gaza to defend Israel." He also stated that he had instructed the Israeli military to take all necessary measures to prepare for a long-term presence in the region. A US State Department official stated, "The United States expects all parties to act in accordance with the framework agreements they have agreed to, and Israel has made it clear that it has no territorial ambitions in Lebanon. Maintaining a permanent military presence in southern Lebanon is neither in line with the commitments made in that framework agreement nor conducive to long-term peace and security between the two countries." The official emphasized that the United States "fully supports Lebanons territorial integrity and sovereignty."August 13 - According to Russias TASS news agency today (August 13), Russian President Vladimir Putin visited Iturup Island, one of the four islands in the Southern Kuril Islands (known as the "Northern Territories" in Japan). One of the main obstacles preventing Russia and Japan from concluding a peace treaty is the dispute over the ownership of the Southern Kuril Islands.Iraqi Prime Minister: We will never tolerate any party violating our airspace or threatening national security.August 13th - According to foreign media reports, South Korea has raised the ceiling on household debt growth and pledged to increase housing supply in the Seoul metropolitan area, further intensifying efforts to curb the continued rise in the real estate market. Soaring housing prices have gradually become a political burden for President Lee Jae-myung. According to a joint statement released by the South Korean government on Thursday, the government plans to supply more than 230,000 housing units in the Seoul metropolitan area, including 100,000 units to be built in newly designated areas. This is a further increase on top of existing targets. Previously, the South Korean government had set a target to start construction on 1.35 million housing units in the Seoul metropolitan area between 2026 and 2030. The latest measures are a further step up from the supply-side policies announced last September. At that time, a prolonged slump in the construction industry raised concerns that a shortage of new housing supply would continue to drive up housing prices and make it more difficult for young families to afford a home.

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.