CZ says SBF asked for billions 'like a Bologna sandwich' as FTX collapsed

In his new memoir, Changpeng Zhao reveals he signed the FTX letter of intent as a formality and calls Caroline Ellison's $22 floor price offer a "fatal mistake." What to know : Zhao says he never seriously considered buying FTX, describing SBF's approach as "indirect and wishy-washy" and the LOI as a pure formality to assess whether users could be protected. He identifies Caroline Ellison's public offer to buy FTT at $22 as the moment FTX was doomed, arguing that it gave professional traders a floor price to short. A Signal group called "Exchange Collaboration," set up by FTX's Zane Tackett, later drew DOJ and SEC scrutiny for potential collusion, which Zhao flatly denies.