The deal comes after recent Twitter jostling between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, recently considered the industrys white knight for infusing cash into struggling operations.

The conflict between Zhao and Bankman-Fried escalated on Monday, with the former saying Binance would sell its holdings of FTXs native crypto token, FTT, and then a day later Zhao announced his firm would be buying SBFs for an undisclosed amount because FTX was facing a liquidity crunch.

Although some on Crypto Twitter had previously speculated that Alameda and FTXs holdings were at risk, many, including crypto influencers and founders, were shocked at the speed at which the transaction was announced, and the power that Binance has consolidated.

Stone cold hostile takeover, tweeted crypto influencer @Croesus_BTC.

Anatoly Yakovenko, a cofounder of Solana, added: Binance Solana Chain has a nice ring to it, before deleting the tweet.

The Twitter user @marketsmeowmeow laid out Binances advanced chess moves: If Im reading this correctly CZ nukes SBFs reserves / CZ acquires SBF assets for a deep discount / SBF thanks CZ for all hes done for crypto / lol.

Others quickly jumped on the opportunity to poke fun at Bankman-Fried and FTX investors, including Tampa Bay Buccaneers quarterback Tom Brady and his ex-wife, Gisele Bündchen, who took an undisclosed equity stake in FTX last year.

FTXs liquidity crunch drew comparisons to the meltdown of Terraform Labss algorithmic stablecoin Terra and Luna sister tokens, events that rippled throughout crypto and led to the bankruptcy of lending platform Voyager Digital and hedge fund Three Arrows Capital.

Terraform Labs CEO Do Kwon, whos wanted by South Korean authorities, also weighed in, quoting Bankman-Frieds tweet about the acquisition with an image of Torrhen Stark from George R.R. Martins A Song of Ice and Fire novels as he bends the knee to Aegon Targaryen.

While many have tried to make light of the pending acquisition, its raised questions as to whether decentralization is just a pipe dream for crypto. After a wave of scandals and liquidity problems have plagued several companies over the past year, questions linger over where crypto investors are going to be able to invest.

Markets also reacted to news of the deal. Binances BNB soared after it was announced, rising about 9% to $366.97 as of Tuesday afternoon. Meanwhile, FTXs FTT cryptocurrency, after tanking 25% to about $16 on Monday, briefly recovered before sinking again, to about $9.80.

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Bjørn Gulden, a Danish national, is the second Scandinavian in a row to lead the worlds second largest sportswear maker.

Hes well acquainted with Adidas, and is set for something of a homecoming, having served at the company in the 1990s before later moving to Puma, where he became CEO in 2013. 

Before his time at Adidas, Gulden even played professional football in Germany, where Adidas is based, lacing up his boots for the local Nürnberg team affectionately known in the Bundesliga simply as The Club. 

Although it may have nabbed a new CEO, Adidas has a whole slew of issues to contend with, some shared by rivals like Nike, others more homegrown.

Kanye West

The scandal over Kanye West, who now goes by the name Ye, has been a nightmare for Adidas. The Yeezy line of footwear has been a bright spot for its fashion line, so the rappers anti-Semitic comments have been a public relations disaster.

The low point was reached when West crowed he could say whatever anti-Semitic things he wanted, and Adidas would accept itforcing the companys hand. The last thing any global brand from Germany wants is being associated with anti-Semitism.

Financially the end of the partnership with West will be a major sore point that Gulden will have to address. Last month Adidas said the decision to end its Yeezy business with immediate effect will cost it up to 250 million in net profit this year, adding more information will be made available when it presents quarterly results on Wednesday.

Bloated inventories

One of the worst outcomes for many consumer goods brands has been the ongoing headaches from supply chains, in particular in China where shipping delays have meant goods arriving just at a time when demand is ebbing, or the next season is just around the corner. 

Its no secret that athletic wear companies like Adidas and Nike have the bulk of their goods manufactured in China, which has been struggling to contain COVID outbreaks by instituting lockdowns.

Both big name brands now are facing deep discounting to clear inventory. The incoming CEO will have to judge just how much of a margin he is willing to sacrifice to move product.

Metaverse dalliance

Former CEO Kasper Rorsted decided to jump on the NFT, or non-fungible token trend. Not only did Adidas purchase its very own Bored Ape NFT in order to develop its own line of branded clothing, it also bought a plot of virtual land inside The Sandbox, a platform for a virtual world. 

Unfortunately the hype around the metaverse has dramatically cooled off with the NFT industry suffering a collapse in demand.

Where Gulden takes Adidas Metaverse plans next is anyones guess at this point.

Local rivalry

Adidas and Puma cultivate a deep rivalry that goes back to a feud that saw Rudolf Dassler break with his own brother Adolf Adi Dassler in 1948 to launch his own sports shoe company with Puma in the very same sleepy Bavarian town. 

With both companies headquartered in Herzogenaurach, news travels fast, and when one is enjoying solid quarterly results and the other is not, it does not sit well for very long among staff. 

After three difficult years with Rorsted at the helm, Adidas said in August the time was right to pave the way for a restart. Guldens task will be to reestablish Adidas commercial and financial dominance over its smaller rival. Puma celebrated record sales and operating profit in the last quarter.

FIFA World Cup

What should be a bright spot on Adidas calendar is anything but. Traditionally footballs most important tournament has served as a stage for the sports greatest heroes to emerge, whether it was Brazils Pele dazzling Swedish crowds in 1958 or Zinedine Zidane playing to the home fans in his native France 40 years later.

Adidas itself emerged as a famous brand thanks to Adi Dasslers idea for removable and exchangeable metal cleats that helped the 1954 German team beat Ferenc Puskas heavily favored Hungarian side on a slick pitch in what became known as The Miracle of Bern. 

Instead of the usual enthusiasm that sees fans rushing to snap up their national teams kit or walk out with an official replica of the tournament ball, the mood this year is sombre. 

With the month-long tournament about to launch on Nov. 20, when the football-loving northern hemisphere is experiencing wintery temperatures, excitement is at its lowest level in memory.

Moreover with host nation asking fans not to engage in any behaviour the Muslim nation might find offensive, including openly displaying gay pride, advocacy groups and even some brands like Brewdog are calling for a boycott. 

This will no doubt leave a sizeable dent in Adidas financial results that has long relied on a World Cup bump to juice its results every four years. 

In short Gulden has a lot of balls to juggle when he finally starts in January. 

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Qatar was criticized right from when it was awarded the tournament in 2010, when claims of bribery and corruption in the bidding process surfaced. The countrys track record of human rights was another cause for concern, given its poor treatment of migrant workers.

Those fears seemed to be confirmed when with just weeks to go until the games begin, an ambassador for the country said in an interview that homosexuality a damage in the mind.

Qatari World Cup ambassador and former footballer Khalid Salman expressed his view on homosexuality to a German broadcaster, which was cut short after he made the remark, Reuters reported Tuesday.

They have to accept our rules here, Salman said during the interview. [Homosexuality] is haram. You know what haram means? referring to a term that means forbidden.

When asked in a follow up question why homosexuality was considered forbidden, Salman replied: Because it is damage in the mind.

Some football players have been concerned about the rights of fans who are LGBT+, as well as women attending the cup, as Qatar laws have a different set of laws for men and women, and homosexuality is criminalized. Salmans comments have further heightened concerns regarding the safety of members of the LGBT+ community as the country gets ready to host the most prestigious sporting event.

Organizers of FIFA did not immediately respond to Fortunes request for comment.

Of course such comments are terrible, and that is the reason why we are working on things in Qatar hopefully improving, Nancy Faeser, Germanys interior minister, on Tuesday told the Associated Press.

During Faesers visit to Qatar last week, she received security guarantees from members of the government, which would extend to gay soccer fans who come to watch the matches, Reuters reported.

Last month, Human Right Watch found that the Qatari security forces had arbitrarily arrested LGBT+ people and subjected them to ill-treatment in detention. The abuses were allegedly carried out without charging the individuals with any crime, according to the right group.

Qatar is the first country in the Middle East to host the FIFA World Cup, which is expected to entertain an audience of 5 billion this year.

A group of LGBT+ activists protested outside the FIFA Museum in Zurich to highlight the safety of fans belonging to that community, Reuters reported Tuesday. They said FIFA had not outlined any concrete action to ensure that LGBT+ individuals are not persecuted during the tournament.

The World Cup will commence on November 20, 2022.

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