CZ said Sam Bankman-Fried requested billions of dollars in funding before Binance's November 2022 attempt to acquire FTX, but CZ never intended to advance the deal. CZ said the signed letter of intent was non-binding and only allowed Binance to review data. CZ also said Caroline Ellison's offer to buy back FTT at $22 exposed a price floor and preceded about $6 billion in outflows in a short period.