FTX Founder SBF's Request Compared to 'Bologna Sandwich' by CZ as Exchange Collapsed
In his new memoir, Changpeng Zhao reveals shocking details about the collapse of FTX, calling out SBF's extravagant demands and Caroline Ellison's costly mistake.
Changpeng Zhao, the founder of Binance, has made startling revelations in his latest memoir regarding the downfall of FTX. He disclosed that SBF, the founder of FTX, made audacious demands during the exchange's collapse, likening his requests to 'a Bologna sandwich'.
The memoir detailed how Zhao had signed the FTX letter of intent as a mere formality, shedding light on the dramatic events that transpired behind the scenes. Zhao did not hold back, criticizing Caroline Ellison's decision to offer a $22 floor price as a 'fatal mistake'.
The revelations in Zhao's memoir have sent shockwaves through the cryptocurrency community, raising questions about the inner workings of prominent exchanges and the high-stakes negotiations that take place in the industry.