CZ: Never Seriously Considered Acquiring FTX, Had Little Interest in Helping SBF

Odaily News Binance founder CZ stated in his autobiography "Freedom of Money" that during the communications before Binance attempted to acquire FTX in November 2022, Sam Bankman-Fried had requested billions of dollars in funding, but CZ had no real intention of advancing the deal from the outset.

CZ claimed that the letter of intent he signed was merely a non-binding formal document, and his team only used it to assess data without making any commitments. He also believes the key turning point in FTX's collapse was when former Alameda CEO Caroline Ellison proposed buying back FTT at $22, exposing the price floor and triggering market short-selling, which led to approximately $6 billion in outflows within a short period.

Furthermore, CZ mentioned the existence of an industry communication group created by former FTX executives, which included heads of several trading platforms. The group later drew attention from U.S. regulators, but CZ stated he found no evidence of related collusion or market manipulation. (CoinDesk)