CZ: SBF asked for billions during FTX collapse as if ordering a sandwich

Binance founder Changpeng Zhao recalled in his memoirs that FTX founder Sam Bankman-Fried (SBF) casually requested billions of dollars during the exchange's collapse, CoinDesk reported. Zhao stated that SBF asked for the funds as nonchalantly as if he were ordering a bologna sandwich, and that Binance's letter of intent to acquire FTX at the time was merely a formality with no real intention of purchase. Zhao identified a critical mistake by Caroline Ellison, then-CEO of FTX's sister firm Alameda Research, as the primary cause of the collapse. He explained that Ellison's public offer to buy Binance's FTT holdings for $22 per token effectively revealed a price floor, which prompted numerous traders to open short positions and trigger a sharp price decline. Zhao added that in the aftermath, Binance itself faced withdrawals of over $7 billion in a single day but was able to meet all requests as it held full user reserves. The withdrawn funds returned to the platform within a month, he said.