CZ says SBF asked for billions 'like a Bologna sandwich' as FTX collapsed

What Happened

Binance founder Changpeng Zhao states Sam Bankman-Fried requested "a couple of billion dollars" nonchalantly during November 2022 FTX acquisition discussions. Zhao signed a non-binding Letter of Intent purely as formality with no intention of completing the deal. He attributes FTX's collapse to Alameda CEO Caroline Ellison publicly offering to buy Binance's FTT holdings at $22, revealing her floor price. Professional traders shorted FTT through that level. Within 72 hours, $6 billion exited FTX. Zhao's memoir details these events.

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