1) What 2-9) H-A-P-P-E-N-E-D? We now know.

TL; DR

• Think of the famous SBF 9 part tweet thread who asked: 1) What 2-9) HAPPENED?

• As more and more evidence comes out, a clearer story is emerging, and the short answer is below.

• The moral of the story: See gif ☝️

Full story

Think of the famous SBF 9 part tweet thread who asked:

1) What

2-9) HAPPENED?

As more and more evidence comes out, a clearer story is emerging, and the short answer is:

SBF hung around and found out.

Here are the basic story beats we’ve gotten so far (some confirmed, some not):

1. SBF is trying to turn US regulators against Binance.

2. CZ retaliates by conducting a PR blitz and leaking Alameda’s balance sheet to CoinDesk.

3. The leak shows how unstable Alameda is and that a large sale of FTT tokens could ruin them.

4. CZ announces a major sale of FTT tokens.

5. Alameda offers to buy them off him in a single over-the-counter sale (meaning the price wouldn’t drop).

6. CZ refuses, essentially saying, “I know what you said about me to US regulators – why should I help you?”

7. Alameda is going down.

8. What few people knew was… Alameda had borrowed (stole) customer money from FTX.

9. Which meant that when Alameda went down, it took FTX with it.

The moral of the story:

(See gif ☝️)