Odaily News The Big Short author Michael Lewis revealed in his new book Going Infinite that FTX founder Sam Bankman-Fried (SBF) proposed cooperation to Binance founder CZ in early 2019, hoping to sell it for $40 million. The cryptocurrency futures trading platform technology developed by the team was introduced to Binance. In this proposal, Alameda Research is responsible for providing technical support, while Binance is responsible for bringing customer and market trust. After detailed deliberation, CZ decided to reject SBF’s proposal and chose to independently develop a futures trading platform. To this end, SBF has turned to independent development, intending to build a futures trading platform that can not only satisfy the cryptocurrency community, but also cater to large professional trading companies such as Jane Street. FTX initially issued 350 million FTT tokens, some of which were provided to employees at 5 cents, and some to important cryptocurrency figures, including CZ, at 10 cents. Although CZ and most FTX employees chose to refuse, the strong purchase demand from external investors prompted SBF to increase the token price from 20 cents to 70 cents. On July 29, 2019, FTT was listed on FTX, opening at $1 and later rising to $1.5. A few weeks later, CZ contacted SBF with an offer to buy 20% of FTX for $80 million.