In his latest memoir, Binance founder Zhao Changpeng revealed that on the eve of FTX’s collapse, Sam Bankman-Fried casually demanded several billion dollars over the phone, treating it as casually as asking for a Bolonia sausage sandwich. At that time, Zhao Changpeng had no intention of completing the acquisition; signing the non-binding letter of intent was merely a formality to protect users and maintain industry stability, and the internal team retained the final decision-making power based on its data analysis. According to Monitored by Woofun AI, the market subsequently experienced severe fluctuations due to these critical mistakes. Carolyn Ellison, CEO of Alameda, publicly proposed buying FTT at $22 per share to stabilize the market, but this move was deemed a fatal error that exposed the lowest support level, prompting professional traders to engage in large-scale short selling at that price. As a result, the price of FTT plummeted from $22 to $15, then to $10, and finally to $5, resulting in a net outflow of $6 billion from the FTX market within 72 hours. Zhao Changpeng also clarified the controversy surrounding the exchange’s collaboration team, stating that it was established by Zane Tucker during the Terra/LUNA incident to address industry crises, not to manipulate the market. Despite investigations by the US Department of Justice and the SEC, no evidence of collusion was found. When the acquisition was officially terminated on November 9, Binance’s holdings of FTT, which once valued $580 million, were completely wiped out, repeating the painful experience of losing $1.6 billion during the LUNA incident six months earlier. Facing this trust crisis, $7 billion was withdrawn from the Binance platform on December 14 alone; however, Zhao Changpeng assured that all users’ funds were safe. Notably, within just one month, market confidence fully recovered, and not only were users depositing their funds back into the platform, but a large amount of new investment also flowed in.