Binance's Zhao Changpeng swallows FTX: Understanding the entire event with one picture "Fall!"

Originally thought to be a battle between Binance and FTX, but unexpectedly, Binance's dominance in the market and the influence of its founder Zhao Changpeng cannot be underestimated. Between 11/8 and 11/9, FTX suffered a devastating surrender, unable to allow users to withdraw smoothly, leading to a drastic drop in the price of FTT token, prompting FTX founder SBF to wave the white flag. This incident allowed the entire cryptocurrency industry to witness the economic power of Binance and the explosive power of Zhao Changpeng's words: "Fall!" This reference is from the manga "Jujutsu Kaisen".

11/2-11/5: Binance and FTX Clash

11/2 Alameda Financial Report Suspected: "Alameda's off-balance sheet assets and debts, holding 60% of FTT total circulation, suspected of facing insolvency in case of major volatility"

11/3 Binance accuses FTX of providing unsecured loans: "Financial situation of Alameda sparks controversy! FTX and Binance factions clash, top executives engage in heated discussions in the community"

11/5 Binance accused of assisting Iranian transactions: "Assisting Iranian companies in transactions worth up to $8 billion? Binance responds to Reuters report: unable to confirm intentions of foreign nationals," this incident is also seen as a deliberate exploitation of U.S. boundaries

During this period, FTT price remained stable at 24-25 levels

11/6-11/7: FTX Starts to Feel the Heat

During this period, both sides continued to exchange arguments. After Alameda's CEO expressed confidence, Binance's founder Changpeng Zhao announced the liquidation of FTT, and FTX began to soften its stance. Zhao also revealed a possible trigger point: "SBF using political lobbying to harm competitors."

"Binance and FTX's Epic Quarrel Fully Recorded! Alameda Steps In, Changpeng Zhao Dumps FTT, SBF: Let's make love, not war"

During this period, FTT experienced rapid fluctuations between 22-25

11/8-11/9 FTX Crisis Peaks, Binance Demonstrates Oligopoly Advantage

11/8 21:52 Media reports FTX suspends withdrawals "The Block: FTX's last on-chain transaction recorded approximately two hours ago," many users were unable to withdraw or experienced delays, institutional withdrawals and whale dumping were previously reported.

On that day, FTT plunged from a level of 22 to 15

11/9 00:03 SBF: Reaches strategic agreement with Binance

11/9 00:09 CZ: Binance may fully acquire FTX "FTX and Binance Reach Strategic Agreement! CZ: Plans to fully acquire FTX, FTT surges over 20%"

Upon the acquisition news, the market surged briefly, with FTT reaching 21.2, but perhaps due to the realization that FTT would be useless under Binance's acquisition, the token price began to decline steadily to single digits; the entire market was not spared.

11/9 02:57 CZ: Binance will adopt Proof of Reserves PoR "Lessons from FTX Incident | Can your exchange do PoR Proof of Reserves with user assets?"

11/9 06:05 CZ: Learns lesson, do not use tokens as collateral for borrowing "FTT briefly drops below $2.5, Binance adjusts FTT price precision, CEO Changpeng Zhao: Binance has never taken on debt"

11/9 06:21 SBF to investors: Acquisition details still under discussion "SBF's letter to investors: I am sorry, will prioritize users and industry, details of Binance's acquisition still being discussed"

11/9 09:59 FTX fully suspends withdrawals "Not just cryptocurrencies, FTX has fully suspended withdrawals"