WHO TRIGERRED THE FALL OF FTX?

I won’t claim to fully understand the complexities of the saga. But the essential details are as follows:

1. A Coindesk report revealed Sam Bankman-Fried’s Alameda Research trading firm was heavily invested in the FTX exchange’s FTT token.
2. Days later, Binance’s CEO announced he was selling his remaining holdings of FTT tokens. In other words, he was spooked by the fact a huge chunk of Alameda’s assets were tokens from its sister company.
3. The FTT token price plunged after the news, and, as always, customers rushed to withdraw their holdings, leaving big financial holes to fill.
4. Binance suggested it would come to FTX’s rescue until it looked under the covers and got a fright.
5. With no one coming to plug the holes, almost overnight, the exchange became insolvent and has since filed for bankruptcy. Sam Bankman-Fried has resigned.
6. The exchange then got hacked — totally nothing to see here — to the tune of over $450 million.