Behind FTX’s fall, battling billionaires and a failed bid to save crypto

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Reuters UK

(This story contains language some readers may find offensive, paragraph 2) By Angus Berwick and Tom Wilson (Reuters) – On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half an hour earlier that FTX’s arch-rival, Binance, planned to mount a shock takeover of its main trading platform to save it from a “liquidity crunch.” Binance founder Changpeng “CZ” Zhao, whom the billionaire had accused of sabotage, would now be his White …

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