CZ's Autobiography Reveals Insights into Binance's Rise and FTX's Fall

Binance founder Changpeng Zhao has released his autobiography, 'Freedom of Money', which details the exchange's rise and FTX's fall. The book recounts CZ's childhood, Binance's early days, and his imprisonment after a run-in with Gary Gensler, who later became SEC chair.

CZ writes about his encounter with Sam Bankman-Fried in November 2022, when FTX was on the brink of collapse. SBF asked for 'a couple of billion dollars', which CZ described as casual and unnecessary for the deal to move forward.

The trigger for FTX's demise, according to CZ, was a public statement by Caroline Ellison, who offered to buy Binance's FTT holdings at $22. This move revealed a support level, prompting professional traders to short below it and causing the token to plummet.