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CZ's New Book Reveals the Inside Story of the FTX Collapse: SBF's Opening Asking Price Was Casual "Like Asking for a Sandwich"
According to CoinDesk, Binance founder Zhao Changpeng (CZ) revealed in his memoir (The Binance Life) (Freedom of Money) that he never seriously considered acquiring FTX, stating that Sam Bankman-Fried's opening asking price of several billion dollars was "casual, like asking for a sandwich," and indicated that the non-binding letter of intent (LOI) he signed was merely a formal document to assess the feasibility of user protection. CZ publicly described Alameda CEO Caroline Ellison's announcement to repurchase FTT at $22 as a "fatal mistake," stating that the move exposed the buy-in floor price, triggering professional traders to short, and FTT subsequently fell from $22 to $5, with approximately $6 billion in funds withdrawn from FTX within 72 hours.