Days before a collapse of FTX and Alameda Research, head of Binance, Changpeng Zhao, announced he would divest from Sam Bankman-Fried's business.
Just days before the collapse of FTX the head of competitor Binance, Changpeng Zhao, announced his company would divest from Bankman-Fried's businesses.
The announcement triggered a run on the bank at FTX as customers tried to withdraw $6 billion in just 72 hours - but couldn't pay out. The crisis ultimately exposed FTX's fraudulent practices and Bankman-Fried was charged less than a month later
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