FTX’S COLLAPSE

Summary from the TLDR Crypto newsletter

This thread is the second part in a story from the founder of a small crypto exchange that was acquired by FTX in 2021. It tells the story of the acquisition and explains how this acquisition ultimately played a big role in FTX’s demise. While there were many other issues that led to FTX’s undoing, this particular acquisition was what led to CZ of Binance holding a $2B stack of FTT tokens, which eventually became the last domino to fall in the implosion of FTX.