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Alameda CEO’s Tweet Pushed FTX Over the Edge, Trade Data Show

Nov. 18, 2022, 7:27 PM

When did it go from grim to hopeless for Sam Bankman-Fried’s crypto empire? Many answers have been offered. One decidedly narrow one says it was the moment his second-in-command went on Twitter trying to prevent a plunge in the token FTT.

While the overall collapse was caused by much larger forces -- decisions that left Bankman-Fried’s businesses resting precariously on the coin, exposed to Binance chief Changpeng ‘CZ’ Zhao’s pledge to sell it -- zero hour came when Caroline Ellison offered to buy it all from CZ at a below-market price. That’s when market liquidity evaporated in an asset FTX ...