WOLF(@WOLF_Financial):ON THIS DAY IN 2022, BINANCE AGREED TO RESCUE FTX. THREE DAYS LATER, FTX WAS BANKRUPT FTX had been valued at $32 billion earlier that year, with backing from big-name investors like Sequoia and SoftBank. Then customers rushed to pull their money out, and FTX couldn't pay them. On November 8, rival Binance signed a non-binding letter of intent to buy it. The next day, Binance walked away after reviewing FTX's finances, citing reports that customer funds had been mishandled. On November 11, FTX filed for bankruptcy and Sam Bankman-Fried stepped down as CEO. The final unraveling took about a week.

2026.11.08 13:02

ON THIS DAY IN 2022, BINANCE AGREED TO RESCUE FTX. THREE DAYS LATER, FTX WAS BANKRUPT FTX had been valued at $32 billion earlier that year, with backing from big-name investors like Sequoia and SoftBank. Then customers rushed to pull their money out, and FTX couldn't pay them. On November 8, rival Binance signed a non-binding letter of intent to buy it. The next day, Binance walked away after reviewing FTX's finances, citing reports that customer funds had been mishandled. On November 11, FTX filed for bankruptcy and Sam Bankman-Fried stepped down as CEO. The final unraveling took about a week.