Inside the Frantic Texts Exchanged by Crypto Executives as FTX Collapsed – The New York Times

The day before the embattled cryptocurrency exchange FTX filed for bankruptcy, Changpeng Zhao, the chief executive of the rival exchange Binance, sent an alarmed text to Sam Bankman-Fried, FTX’s founder.

Mr. Zhao was concerned that Mr. Bankman-Fried was orchestrating crypto trades that could send the industry into a meltdown. “Stop now, don’t cause more damage,” Mr. Zhao wrote in a group chat with Mr. Bankman-Fried and other crypto executives on Nov. 10. “The more damage you do now, the more jail time.”

Source: Inside the Frantic Texts Exchanged by Crypto Executives as FTX Collapsed – The New York Times