暗网吃瓜

This is a weekly feature that will look back at the week that was in crypto, blockchain and Web3, and offer insights and analysis. Check out last week鈥檚 here.

If you are a crypto investor hoping for a stabilization of the industry, Tuesday was not your day.

Crypto already has seen its share of tumult this year, but things seemed to hit a different level when tokens started sliding this week on concerns around , the world鈥檚 fourth-largest exchange by volume.

Then, in about a day, the crypto world was turned upside down, as CEO his company would be buying FTX.com 鈥� the non-U.S. exchange associated with 聽 鈥� due to a 鈥渟ignificant liquidity crunch.鈥�

The news wasn鈥檛 just noteworthy because it was the largest exchange buying one of its biggest competitors. It also is an illustration of how quickly things can change in a market already associated with a breakneck pace.

Don’t blink

Earlier this year, FTX raised $400 million at a valuation. According to 暗网吃瓜, the company has raised nearly $2 billion with investors that include the , Singapore鈥檚 and . Zhao and Binance were early investors in FTX as well.

FTX CEO and crypto billionaire had become one of the industry鈥檚 most dominant faces as he seemingly started a one-man crusade to help lead the market out of its crypto winter.

In June, it was that Bankman-Fried鈥檚 quantitative crypto trading firm provided a $500 million loan to . Voyager for bankruptcy a few weeks later, and in September FTX put in the winning bid for the assets of the distressed lender.

It was even in June that Bankman-Fried may have his eye on buying asset trading platform .

In July, FTX provided a $250 million line of credit to lender which includes an option to buy. In a recent , Bankman-Fried said the exchange giant has at least $1 billion to use on acquisitions and bailouts.

Now that same exchange giant 鈥� known for co-hosting its invite-only Crypto Bahamas four-day conference in the spring 鈥� faced liquidity issues before being bought by its biggest competitor.

Crypto moves fast 鈥� well, except for its long winters.

Further reading:

Binance Signs Letter Of Intent To Buy FTX.com

Illustration: Dom Guzman