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September 5th - In accordance with the "National Natural Disaster Relief Emergency Plan," and in response to the severe impact of recent typhoons and extreme heavy rainfall on Putian and Ningde in Fujian Province, the National Disaster Prevention, Reduction and Relief Commission and the Ministry of Emergency Management raised the national natural disaster relief emergency response level for Fujian to Level III on September 5th. An additional disaster relief working group was dispatched to the disaster area to assess the situation and guide and assist local authorities in ensuring the basic living needs of affected people and in post-disaster emergency recovery efforts.September 5th - According to the Ministry of Water Resources, as of 11:00 AM today (September 5th), 17 rivers in Guangdong, Fujian, Zhejiang, Jiangxi, Hunan, and Heilongjiang provinces remain above warning levels, ranging from 0.01 meters to 2.45 meters above the warning level. Among them, the Yishui River, a tributary of the Xiangjiang River in Hunan, slightly exceeds the guaranteed level, while the Hanjiang River has receded below the warning level along its entire length. The upper reaches of the Ganjiang River at Huluge and the middle reaches at Taihe have both peaked and receded, and the floodwaters of the Ganjiang River are currently passing through the downstream Jian section.September 5th - According to statistics from the Shenzhen Real Estate Intermediary Association, a total of 5,535 second-hand homes were sold in August 2026, a decrease of 3.3% month-on-month and an increase of 5.1% year-on-year; 5,108 second-hand residential properties were sold, a decrease of 2.3% month-on-month and an increase of 7.6% year-on-year. Although the number of transactions recorded in August continued to decline slightly compared to July, the year-on-year increase further expanded compared to the previous month, indicating that although the recent market activity has cooled down somewhat, the overall transaction volume is still significantly higher than the same period last year, and the market remains stable.September 5th - According to a report by RIA Novosti on the 5th, Russian Consul General in Bonn, Germany, Krasnitsky, stated that Germany has demanded that approximately 70 staff members of the consulate leave the country by September 18th. He said Germanys decision to close the Russian consulate is baseless and regrettable. Krasnitsky added that the recent stagnation in Russian-German relations is entirely Germanys responsibility. He concluded that Germanys decision to close the consulate demonstrates its attempt to further escalate tensions between the two countries.September 5th - Three sources revealed that the White House has begun reviewing potential candidates to succeed the Deputy Secretary of Defense, suggesting that the Pentagon, already facing unusually high personnel turnover, may see further leadership changes in the future. According to two of the sources, this process began in June, during which consultations were held with senior senators to determine whether the nominee had sufficient support for confirmation. One source also indicated that the review was still ongoing as of the end of August. All three sources stated that no decision has yet been made to dismiss the Deputy Secretary of Defense. They did not explain why the White House is reviewing potential successors, nor did they specify which candidates are being considered.

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.