Crypto Twitter Reacts to Binance Acquiring FTX—In Memes

In the wake of the explosive revelation that Binance has made plans to acquire rival cryptocurrency exchange FTX, Crypto Twitter immediately erupted with an abundance of freshly-generated memes.

No sooner had Binance CEO Changpeng “CZ” Zhao shared the news on Twitter Tuesday, fans and critics alike expressed their feelings about the power dynamic between CZ and FTX CEO Sam Bankman-Fried—the latter just a few months ago claiming he had a “ballpark billion” dollars to throw at troubled crypto companies.

SBF had also previously expressed an interest in buying Twitter with Elon Musk and was regarded by some as a “crypto savior” because of his decision to bailout troubled crypto firms like Voyager Digital and BlockFi with a massive $750 million contribution. 

The tables have now turned, and Twitter users have a lot to say—much of it via memes. 

This meme frames CZ as the “professor,” warning that if we mess around with Binance, we will face the consequences.

Posted by the infamous Terra co-founder Do Kwon, this meme is a response to Bankman-Fried’s tweet where he shared that FTX had “come to an agreement” to be acquired by Binance. In the thread, SBF also thanks CZ and Binance for their help. The meme suggests that Kwon believes SBF is “bending the knee” to CZ, a la “Game of Thrones.”

This meme is another reference to Crypto Twitter’s perceptions of the power dynamic that now exists between CZ and SBF. In the meme, CZ is portrayed as a Terminator-like android with a gun, while SBF is portrayed as a little girl hiding under a desk.

NFT marketplace Magic Eden tweeted a meme about the Wikipedia page for the FTX Arena, which was quickly changed to the “BNB arena” shortly after news of the planned acquisition broke online. But Decrypt has not been able to confirm with FTX whether or when the arena’s name will be changed, as FTX has not yet responded to Decrypt’s request for comment and the FTX Binance deal has not been finalized.

Cardano founder Charles Hoskinson reshared the popular meme depicting CZ as Elon Musk and Alameda Research as the Twitter headquarters. The meme suggests CZ, like Musk, now wields the power.

Drawn from the U.S. version of the comedy “The Office,” this meme depicts SBF as Steve Carrell’s character Michael Scott and CZ as Scott’s boss, Ed Truck. It suggests that now that Binance is acquiring FTX, CZ will be SBF’s boss.

Many companies and individuals have lost billions during this crypto bear market. Among those struggling financially due to falling crypto prices and liquidity issues are Terra’s Do Kwon, 3 Arrows Capital’s Su Zhu and Kyle Davies, former Celsius CEO Alex Mashinsky, and President of El Salvador Nayib Bukele.

In this meme, the group of crypto bear market “victims” summon FTX’s Bankman-Fried to join them in the clouds, which can be interpreted as a “heaven” of sorts for struggling crypto companies and proponents.

This meme depicts SBF as Anakin Skywalker from “Star Wars,” who’s heading down the dark path to becoming Darth Vader. It portrays Binance’s CZ as Obi-Wan Kenobi, the eternally good jedi who tells SBF, “Once you start down the dark path, forever will it dominate your destiny.”

This meme also plays into the possibility that the FTX Arena may be renamed. One Mutant Ape NFT holder suggested the arena could be renamed the “CZ Arena.”

This Twitter meme, made from a screenshot of a Bloomberg headline, suggests that SBF has succeeded in giving his “fortune” away because he is handing FTX over to Binance.

This meme depicts CZ as Thanos, who says the meme’s text in the Marvel film “Avengers: Endgame.” What’s implied is that CZ is likely “talking” to SBF here and that FTX became a “failure” now going “back” into CZ’s control.