CZ vs SBF is not over yet, there are more pieces left to move.

Binance is set to acquire FTX, but it's not final yet, it's a LOI (letter of intent). Imagine CZ seeing a massive hole in FTX's finances and deciding to pull out.

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Another piece is Alameda research. They were leveraged out of their ears. Binance is not acquiring Alameda. We might see another collapse like we saw with 3AC. Alameda is one of the biggest hedge funds with many positions. They will probably have to sell at whichever price to cover losses, which could collapse the market.

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Conspiracy theory: what if CZ signed a LOI so SBF would have to come out and state that FTX was insolvent, and then pull out of the deal to let the SBF empire collapse?

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The CZ vs SBF saga is not over and the next few days should be interesting.

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EDIT:

As I gather more info, FTX recently did a series C fundraise worth $400M that putted FTX value around 32 billion. What will happen to those investors, it was reported that most of them were pension funds.