Changpeng Zhao said Sam Bankman-Fried asked for billions “like a bologna sandwich” before FTX collapsed in November 2022, according to his memoir.
Zhao said Binance signed a non-binding letter of intent purely as a formality to assess FTX’s finances and potential user protection, not as a genuine acquisition effort.
“I didn't have any interest in owning FTX… Our team would simply assess the numbers and then decide,”
Said Binance founder Changpeng Zhao in his memoir.
Zhao identified Alameda CEO Caroline Ellison’s public offer to buy FTT at $22 as the turning point that accelerated FTX’s collapse by signalling a clear floor price.
Professional traders quickly shorted FTT below that level, driving the token down sharply and triggering around $6 billion in withdrawals within 72 hours.
Zhao also revealed a Signal group called “Exchange Collaboration,” which included major crypto executives and later drew scrutiny from US regulators, though he denied any collusion.
Binance ultimately walked away from the deal on Nov. 9, with its FTT holdings once valued at $580 million becoming nearly worthless as the crisis unfolded.