Who owns FTX & Binance?

Sam Bankman-Fried (left), founder and CEO of FTX, and Changpeng Zhao, cofounder and CEO of Binance. Changpeng Zhao, the billionaire cofounder and CEO of Binance, said on Sunday that his cryptocurrency exchange is selling all its remaining tokens of FTX, fellow billionaire Sam Bankman-Fried’s trading platform, that are worth about $580 million.

What happened to FTX?

A spokesman for his legal team, Mark Botnick, declined to comment. FTX started to spiral the first weekend in November when Changpeng Zhao, the founder of the giant crypto exchange Binance, announced that he was selling a large quantity of a digital currency created by Mr. Bankman-Fried that served as a kind of proxy for FTX stock.

Why did FTX buy x?

In November 2022, Mr. Zhao’s industry power increased after he helped bring down Mr. Bankman-Fried with a series of social media posts — Mr. Zhao has millions of followers on X — that prompted a run on FTX’s accounts. When FTX didn’t have the money to repay its customers, Mr. Zhao briefly agreed to buy the exchange, before pulling out of the deal.