Connect with us

Published

3 years ago

on

FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World

FTT, the token native to crypto exchange FTX, lost most of its value after rival Binance, the world’s largest cryptocurrency firm, announced plans to acquire the company.

The coin traded at around $22 on Monday and sank below $5 Tuesday afternoon in New York. The selloff wiped out more than $2 billion in value in the space of 24 hours.

Binance CEO Changpeng Zhao, known as CZ, wrote in a tweet to his more than 7 million followers that he expects FTT to be “highly volatile in the coming days as things develop.”

Cryptocurrencies as a class sank on Tuesday, with bitcoin and ethereum both plunging more than 10%. Shares of crypto exchange Coinbase also experienced a double-digit percentage drop, while Robinhood, which traders use to buy and sell crypto, fell by about 19%.

“It’s probably the most dramatic deal I’ve ever seen in the history of the crypto industry,” said Nic Carter, a partner at Castle Island Ventures, which focuses on blockchain investments. “It consolidates basically the two largest offshore exchanges into one entity, an absolute coup for CZ and Binance — and really a disaster for FTX.”

The agreement between the two companies is non-binding and follows what FTX CEO Sam Bankman-Fried called “liquidity crunches” at his firm, which was valued at $32 billion in a financing round earlier this year.

FTX-Binance deal is the 'most dramatic' in crypto's history, says Castle Island Ventures founder

The acquisition impacts only the non-U.S. businesses for FTX. The U.S. division 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.

Like many crypto companies, FTX created its own token called FTT, which could be purchased like bitcoin though it wasn’t as widely available. Owners of FTT were promised lower trading costs and the ability to earn interest and rewards like waived blockchain fees. While investors can profit when FTT and other coins increase in value, they’re largely unregulated and are particularly susceptible to market downturns.

In 2019, Binance announced a strategic investment in FTX and said that as part of the deal it had taken “a long-term position in the FTX Token (FTT) to help enable sustainable growth of the FTX ecosystem.”

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 Zhao tweeted that Binance would sell its holdings of FTT.

Zhao said Binance had about $2.1 billion worth of FTT and BUSD, its own stablecoin.

“Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books,” he said.

FTT, which peaked at around $78 in September 2021, was trading at close to $25 the day before Zhao’s tweets. It plunged below $16 on Monday and then fell off a cliff after the deal got announced Tuesday. According to CoinMarketCap, the value of FTT’s circulating supply is about $735 million, down from $2.9 billion on Monday.

Bankman-Fried said that in the 72 hours leading up to Tuesday morning, there had been roughly $6 billion of net withdrawals from FTX, according to Reuters. On an average day, net inflows are in the tens of millions of dollars.

“The fact that Sam was willing to do this deal suggests that FTX was deeply impaired in terms of the run on the bank that began in the last 48 hours,” said Carter. “We don’t know exactly what the issue was, whether they were lending out or gambling with user deposits.”

FTX did not respond to CNBC’s multiple requests for comment.

Earlier on Tuesday, FTX had halted withdrawals from its platform, after spooked investors attempted to pull their funds — in a move that resembled the collapse of other crypto firms this year, including Celsius, Voyager Digital and Three Arrows Capital.

News on FTT sparked concern about Alameda Research, Bankman-Fried’s trading firm and sister company to FTX. A report last week on the state of Alameda’s finances showed a large portion of its balance sheet is concentrated in FTT and its various activities leveraged the token as collateral. Alameda has disputed that claim, saying FTT represents only part of its total balance sheet.

“If the price of FTT goes way down, then Alameda could face margin calls and all kinds of pressure,” said Jeff Dorman, chief investment officer at digital asset firm Arca. “If FTX is the lender to Alameda then everyone’s going to be in trouble.”

— CNBC’s Kate Rooney and Tanaya Macheel contributed to this report.

Binance strikes deal to buy non-U.S. unit of FTX

Related Topics:
Continue Reading

Environment

Lectric offers up to $720 in Prime Day e-bike savings from $999, Jackery Explorer 2000 v2 station at exclusive new $629 low, more

Published

3 hours ago

on

October 6, 2025

By

Lectric offers up to 0 in Prime Day e-bike savings from 9, Jackery Explorer 2000 v2 station at exclusive new 9 low, more

lectric one e-bike

We’re less than 24 hours away from the kick-off of Amazon’s Prime Big Deal Days event, but that doesn’t mean savings aren’t already well underway. Leading today’s Green Deals is Lectric’s Better-Than-Prime Sale that is offering up to $720 in savings on e-bike bundles, with the second-ever price cut on the premium ONE Long-Range Belt-Drive Commuter e-bike to its $1,899 low, while also getting $220 in FREE gear, among other increased offers. We also secured $870 in exclusive savings on the Jackery Explorer 2000 v2 Portable Power Station at a new $629 low, and you can pick up the latest Schumacher 12A Level 1 Portable EV Charger at $128 – plus, even more waiting for you below. And don’t forget about all the hangover deals from last week collected at the bottom of the page, rounded together in our latest edition of Electrified Weekly.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tested: Anker SOLIX C1000 Gen 2 portable power station brings ample support in a smaller and lighter unit

Anker is hands-down one of the most well-known tech accessory brands with an extensive lineup of consumer electronics, and its SOLIX sub-brand has making waves in the  portable backup power solution space. Its C1000 power station made big waves when it first hit the market in 2023, quickly becoming a popular charging solution for camping and other outdoor activities, in particular. Now, two years later, the Anker has introduced its SOLIX C1000 Gen 2 Portable Power Station, which I was lucky enough to snag and test out, and which I believe will outshine its predecessor in the long run. Head below to get my hands-on impressions of this all-new solar generator.

To get our full hands-on impression of this new portable backup power solution, be sure to check out our review here.

Advertisement – scroll for more content

man riding lectric ONE e-bike down road

Letric ONE belt-drive e-bike hits $1,899 low during Better-Than-Prime Sale with up to $694 in FREE gear on models from $999

Lectric has launched its Better-Than-Prime Sale with increased savings on its e-bikes reaching up to $720 in total. One notable return is the price cut on the brand’s Premium ONE Long-Range Belt-Drive Commuter e-bike to $1,899 shipped, while it also gets $220 in FREE add-on gear too. This is the biggest deal of the bunch as we’re seeing a $500 price cut from it’s usual $2,399 rate for the second time since the brand’s Labor Day sale, with the additional $220 savings you’re getting from the free included bundle, which contains a rear cargo rack and fenders to go over both wheels. All-in-all, you’re getting a second chance at the best deal to date, with $720 in savings at its all-time lowest tracked price.

Riders looking for the most premium model under Lectric’s flag will certainly enjoy the ONE Long-Range e-bike, which is a higher-end (and much higher-priced) solution that brings a plethora of top features to your commute. This model boasts a Sutto 750W rear hub motor (1,310W peak) alongside a Gates CDC 113-tooth Carbon Drive Belt System, delivering top speeds of 20 to 28 MPH, depending on your state-specific laws. The whole thing is powered by the 14Ah battery that provides up to 60 miles of pedal-assisted travel (bolstered by the brand’s PWR programming) on one full charge. There is also the throttle for pure electric riding, which does decrease its overall mileage.

Joining the motor and belt-drive, another set of premium features you’ll find here is the Pinion auto-shifting gearbox and a 24A potted motor controller that allows more effortless surges to its peak output. There are also the hydraulic mineral oil disc brakes, 20-inch puncture-resistant city tires, an integrated headlight, a brake-activated taillight, hidden cable routing, a color LCD screen, and more.

Lectric Prime Day ONE e-bike offer with $500 cut & $220 bundle

Lectric Prime Day XPedition 2.0 offers with up to $674 bundles:

Lectric Prime Day Trike2 offers with up to $455 bundles:

Lectric Prime Day XP Lite 2.0 LR e-bike offers with $439 bundles:

Lectric Prime Day XPress 750 e-bike offers with $415 bundle

Lectric Prime Day XPeak 2.0 offers with up to $415 bundles:

Lectric Prime Day XP4 e-bike offers with up to $394 bundles:

You can view the entire Lectric Better-Than-Prime Sale lineup of deals on the sale’s main landing page here.

jackery explorer 2000 v2 portable power station being used by man to power tools

Power camps, jobsites, tailgates, and more with $870 in exclusive savings on Jackery’s Explorer 2000 v2 station at new $629 low

We’ve secured exclusive savings from Wellbots on the Jackery Explorer 2000 v2 Portable Power Station for $629.10 shipped, after using the exclusive code 9TO5PD10 at checkout for an additional 10% off. It may carry a $1,499 MSRP, but we usually see it keeping down lower between $1,099 and $899, with falls going as low as $799 since first hitting the market back in February. This deal is already starting lower than ever at $699, with the exclusive code for our readers taking the savings even further, as a total $870 is cut from the MSRP for the best and lowest price we have tracked.

If you want to learn more about this power station, be sure to check out our original coverage of this exclusive deal here.

Schumacher 12A level 1 portable EV charger in trunk of SUV

Get a charge anywhere with Schumacher’s latest 12A level 1 portable EV charger at $128 (Reg. $160)

As part of its early Prime Big Deals Day event, Amazon is now offering the Schumacher SEV1670 12A Level 1 Portable EV Charger for $127.99 shipped, after clipping the on-page coupon. Since its release in May, carrying a $160 full price, we saw this rate first appear during July’s Prime Day, with it only beaten out by one-time falls to $115 and the $112 low a month ago. You can pick it up here today with $32 cut from the tag for the third-lowest price we have tracked.

If you want to learn more about this newer EV charging solution, be sure to check out our original coverage of this deal here.

woman clearing leaves in yard with worx trivac

Blow, vacuum, or mulch your way through yard debris with the 3-in-1 12A Worx Trivac at $70

As part of its early Prime Big Deal Days event, Amazon is offering the Worx 12A Trivac 3-in-1 Cordless Blower, Vacuum, and Mulcher for $69.99 shipped, which matches the Best Buy pricing we’re seeing while it is included in its Deals of the Day. This handy 3-in-1 device normally runs for $100 at full price these days, with discounts having gone as low as $67 over the year, while past years have seen it fall to $60 at best. Today’s deal cuts $30 off the tag to land things down among some of its lowest prices – just $10 above the low that hasn’t reappeared for quite some time.

If you want to learn more about this handy 3-in-1 tool, be sure to check out our original coverage of this deal here.

Review: Ride1Up’s Revv1 DRT e-bike is a rugged off-roader with plenty of suspension and hidden punch

When it comes to e-bikes, most people’s immediate thought is a commuter model designed to get you through streets to your various destinations, but with Ride1Up’s Revv1 DRT e-bike, the fun is extended (and primarily focused) to off-road adventures, and boy, does this baby have some go in it. It’s been over two years since we reviewed the Revv1 FS counterpart, which we came away quite impressed with its SUPER73-like design. Now we’re heading off the beaten path with this newer off-road variant, which boasts improved specs that outshine its predecessors in the series.

To get our full hands-on impression of this e-bike, be sure to check out our review here.

anker solix early prime day power station sale
ecoflow early prime day power station sale
jackery Early Prime Day Power Station Sale

Best Fall EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Kia’s smallest EV is full of big surprises

Published

4 hours ago

on

October 6, 2025

By

Kia's smallest EV is full of big surprises

Kia's-smallest-EV

It’s almost here. Kia is about to introduce its smallest, most affordable electric vehicle yet. Although the EV2 is tiny, Kia promises it will look and feel much larger both inside and out.

Kia will unveil the EV2, its smallest EV, in early 2026

We knew it was coming sometime in 2026, but now we have a better idea of when we can expect to see it for the first time.

Kia’s President and CEO Song Ho-Sung told Auto Express that the company is preparing to unveil the EV2 in early 2026. Although he didn’t reveal a specific date, Song offered a few new details we can expect to see when it arrives in production form.

The EV2 Concept was showcased during Kia’s EV Day earlier this year, a preview of the upcoming entry-level EV.

Advertisement – scroll for more content

Like Kia’s previous concepts, such as the EV3 and EV4, you can expect the EV2 to look pretty close to the one shown earlier this year.

“It is still a concept car, but a lot of it you will see,” Karim Habib, Kia’s design boss, told Auto Express, adding, “You can take the example of the EV3 or EV4, which we showed two years ago as concepts.” The EV2 will be no different. According to Habib, “the delta between production car and show car is exactly the same.”

Kia-EV2
Kia Concept EV2 (Source: Kia)

It will debut with Kia’s new “Opposites United” design, showcased on its latest electric vehicles like the EV3, EV4, and EV5.

The new design features Kia’s signature Star Map daytime running lights (DRLs), smooth lines, and revamped front and back ends.

Like the EV9 and EV5, the EV2 has a more upright SUV-like stance, which will be carried over to the production model as recent spy shots have confirmed.

Kia's-smallest-EV
Kia Concept EV2 (Source: Kia)

Although it’s Kia’s smallest EV to date, Song said the “interior roominess” will surprise buyers. The concept features a unique folding rear bench that Habib hinted could make its way into the production car.

The minimalist layout will remain essentially unchanged, but the rear-hinged doors won’t be offered. Well, at least, at first.

Kia-EV2-interior
Kia Concept EV2 interior (Source: Kia)

Habib said that is something Hyundai Motor Group is still “working towards,” confirming plans to apply it to future vehicles.

Kia said the EV2 will start at around 30,000 euros ($35,000) when it goes on sale in 2026, or slightly less than the EV3. We could see the production model as soon as the Brussels Motor Show in January.

The EV2 will be built at Kia’s manufacturing plant in Slovakia, specifically for the European market. After the EV2, Kia plans to launch an even smaller, more affordable EV1 as the new base model for its electric car lineup (EV1 to EV9).


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Archer Aviation demonstrated public eVTOL flights in California and they were so quiet! [Video]

Published

5 hours ago

on

October 6, 2025

By

Archer Aviation demonstrated public eVTOL flights in California and they were so quiet! [Video]

Archer eVTOL flights

After an announcement last week, eVTOL developer Archer Aviation completed display flights to the public at the 2025 California International Air Show. This public display was Archer’s latest aerial achievement in the public eye as it moves closer to certification and commercial eVTOL operations.

While Archer Aviation ($ACHR) has been a mainstay on Electrek‘s eVTOL news beat for the past few years, the past few months have been fascinating. In May, Archer signed on as the exclusive air taxi provider of the 2028 Olympic Games in Los Angeles.

By June, it became the latest sustainable aviation developer to begin bona fide piloted test flights in its flagship Midnight aircraft (pictured below). Archer’s success continued through the summer, as it reported milestones that marked its longest piloted eVTOL flight (55 miles in 31 minutes), as well as its two highest altitude flights, reaching heights of 7,000 and 10,000 feet.

Last week, Archer announced that it would be demonstrating the capabilities of its Midnight eVTOL to the public with multiple flights over the weekend during the California International Air Show. One day later, we have footage of one of the flights that we want you to see (and try to hear).

Advertisement – scroll for more content

longest eVTOL flight

Archer shows of eVTOL tech during display flights in CA

As promised, Archer Aviation completed display flights with its Midnight eVTOL during both days of the 2025 California International Air Show in Salinas, CA, this past weekend. The Salinas Municipal Airport is actually home to Archer’s test flight facility, and the startup was a sponsor of the event.

The annual air show was expected to welcome over 65,000 attendees, not including the 1,000 expected to visit from Archer’s engineering, operations, and flight test departments. According to Archer, its Midnight eVTOL was scheduled for initial test flights, followed by notable flybys from other prominent groups, such as the Blue Angels and the USAF F-16 Viper Demo team.

While those other aerial teams are indeed more death-defying entertainment, their conventional technology is significantly more polluting, from an air and noise perspective. That’s a huge selling point for eVTOL developers like Archer, as they offer more and more public flight demonstrations to inform people of the benefits of this segment.

You have to see Archer’s flight footage of the Midnight to understand what we’re talking about. The aircraft is zooming by over the crowd, and you can not only clearly hear the emcee tallying off the eVTOL’s specs, but you can actually hear murmurs and conversations of people in the crowd—no chance you’re hearing any of that when the Blue Angels soar by.

Obviously, there’s a huge design gap between an all-electric air taxi and an F/A-18 Super Hornet, but the test flights still showcase how much quieter certain aerial travel can be. A better comparison would be a helicopter, which could easily be replaced by eVTOL vessels in the near future.

Until then, you can enjoy the demo eVTOL flight video from Archer below.

Source: Archer Aviation

Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending