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In his latest autobiography, Changpeng Zhao reflects on Sam Bankman-Fried and the final days of FTX.
On the eve of FTX’s collapse in 2022, CZ seriously considered stepping in with a rescue. But the deal quickly fell apart. According to him, SBF’s team was unable to produce a complete balance sheet within 24 hours—an immediate red flag that forced him to walk away.
CZ also shares a broader critique of SBF’s approach. In his view, FTX wasn’t built on strong product fundamentals or fair competition. Instead, it relied heavily on political lobbying and regulatory positioning to outmaneuver rivals.