FTT, the native token of crypto exchange FTX, lost most of its value on Tuesday, following news that rival Binance had plans to acquire the company.
will remain independent of Binance. However, according to a 2021 audit, the U.S. part of FTX accounted for just 5% of total revenue. FTX is based in the Bahamas, where Bankman-Fried resides.
Because of Binance's central position in crypto and its large ownership of FTT, the company had particular sway over FTX and the market's view on the company. Investor confidence in FTX was rocked over the weekend when ZhaoZhao said Binance had about $2.1 billion worth of FTT and BUSD, its own stablecoin.
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