According to BlockBeats, on October 4, Michael Lewis, author of The Big Short, revealed in his new book Going Infinite that FTX founder Sam Bankman-Fried (SBF) proposed a partnership with Binance founder CZ in early 2019, hoping to introduce the cryptocurrency futures trading platform technology developed by his team to Binance at a price of $40 million. In this proposal, Alameda Research is responsible for providing technical support, while Binance is responsible for bringing customer and market trust. After detailed deliberation, CZ decided to reject SBF's proposal and choose to develop a futures trading platform independently. To this end, SBF turned to independent development, intending to build a futures trading platform that not only satisfies the cryptocurrency community, but also caters to large professional trading companies such as Jane Street. FTX initially issued 350 million FTT tokens, some of which were provided to employees at a price of 5 cents, and some were provided to important cryptocurrency people, including CZ, at a price of 10 cents. Although CZ and most FTX employees chose to refuse, strong demand from outside investors prompted SBF to raise the token price from 20 cents to 70 cents. On July 29, 2019, FTT was listed on FTX, opening at $1 and then rising to $1.5. A few weeks later, CZ contacted SBF and proposed to buy 20% of FTX for $80 million.