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8 Days in November: What Led to FTX’s Sudden Collapse

Markets Outlook

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CZ and Bankman Freed's Relationships

CZ and Bankman Freed have been occasional collaborators over the past few years, but recent interactions have suggested rising interpersonal and business tensions. CZ has denied ill intent or calculation, but this was hard to credit as of November 8th, with Binance poised to acquire a competitor after making moves that seriously weakened it. It may be some time until we fully understand exactly what CZ saw when he got a peek behind the curtain, but it's probably nothing good.

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