In his autobiography, *Freedom of Money*, Binance founder CZ stated that during communications prior to Binance's attempted acquisition of FTX in November 2022, Sam Bankman-Fried requested billions of dollars in funding, but he never intended to actually pursue the deal from the outset. CZ claimed that the letter of intent he signed was merely a non-binding formality, used only by the team for data evaluation without any commitments. He also believes the key turning point in FTX's collapse was Alameda's former CEO, Caroline Ellison's offer to buy back FTT at $22, which exposed a price floor and triggered short selling, resulting in an outflow of approximately $6 billion in a short period. Furthermore, CZ mentioned an industry communication group created by former FTX executives, whose members included heads of multiple trading platforms. This group subsequently attracted the attention of US regulators, but he stated that no collusion or market manipulation was found. (CoinDesk)