CZ Says He Considered Rescuing FTX Before Rejecting Deal Over Missing Balance Sheet
In his autobiography, Binance founder Changpeng Zhao says he dropped the idea of helping FTX in 2022 after Sam Bankman-Fried’s team failed to produce a complete balance sheet within 24 hours.
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Terms & Concepts
Balance sheet: A financial statement showing a company’s assets, liabilities, and equity at a specific time.
FTX: A cryptocurrency exchange that collapsed in 2022 after a liquidity crisis and bankruptcy filing.
Rescue deal: A proposed financial support or acquisition arrangement intended to stabilize a distressed company.