Binance's decision to sell FTT holdings*: Binance, the world's biggest crypto exchange, announced on Nov. 6, 2022, that it would sell its entire position in FTT tokens—roughly 23 million FTT tokens valued at about $529 million. Binance CEO Changpeng “CZ” Zhao said the decision to liquidate the exchange’s FTT position was based on risk management following the collapse of the Terra (LUNA) stablecoin earlier in 2022.

- *FTX Liquidity Crisis and Binance Deal*: By the next day, on Nov. 7, 2022, FTX was experiencing a liquidity crisis. Bankman-Fried attempted to reassure FTX investors that its assets were stable, but customers demanded withdrawals worth $6 billion following the CoinDesk report. Bankman-Fried sought additional money from venture capitalists before turning to Binance, its competitor. The value of FTT fell by more than 80% in two days.

- *Binance cancels FTX Bail Out*: The promise of a rescue was short-lived. One day later, on Nov. 8, Binance backed out of the deal. On Nov. 9, 2022, the exchange said it would cancel the transaction after corporate due diligence raised concerns about FTX's mishandling of customer funds, among other issues.

- *Binance CEO's comments*: Binance co-founder and CEO Changpeng Zhao commented on the collapse of FTX at TechCrunch Sessions: Crypto 2022. He played down his personal role in the series of events that ultimately led to FTX filing for bankruptcy. He believes the implosion of FTX is a negative event in the short term, but it will have a positive effect over the long term. He also said that Binance is very different from FTX, saying that they are very different exchanges by design.