Sublime

In Hong Kong, Sam and his small team began to pitch the billionaire founders of existing exchanges on the idea of paying Alameda Research (Gary) to create a crypto exchange, different in important ways from any that existed. Alameda would supply the technology; the existing exchanges would supply the customers, and the trust.…

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FTX had had more than ten million account holders, to whom it owed $8.7 billion. Nearly half of those losses, or $4 billion, were concentrated in these fifty accounts.

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In the first eighteen months of FTX’s existence, there had been several other dustups with Binance of this sort. CZ developed what three of his employees at the time described as an obsession with his new rival. He’d ask staff for regular reports about FTX, and speak of FTX in ways he would not of the other exchanges.

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Binance’s customers traded various cryptocurrencies but generally weren’t borrowing money from the exchange to do it. CZ preferred it that way. And he was a bit wary of what Sam was proposing: an…

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