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Curious what this means:

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Nov 8, 2022

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

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4:16 PM · Nov 8, 2022

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The HN comments are interesting: news.ycombinator.com/item?id=335189

Michael Nielsen

@michael_nielsen

Nov 8, 2022

Cf:

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SBF

@SBF_FTX

Nov 8, 2022

1) Hey all: I have a few announcements to make. Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.).

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Michael Nielsen

@michael_nielsen

Nov 8, 2022

One day earlier: twitter.com/SBF_FTX/status

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My best guess:

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Sergey Alexashenkö

@SAlexashenko

Nov 8, 2022

Replying to @DoombergT

Not an expert, but my best guess at what happened: Binance was behind the Coindesk report of Alameda solvency issues. On top of that started shorting FTX-related tokens. Turned a solvency issue into a liquidity issue very quickly - FTX paused withdrawals. Binance bought FTX.

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I think it means that FTX was insolvent, had a bank run, and now has to sell at rock-bottom prices. No details about the deal are known at this point, but that seems like the most likely scenario to me.