Changpeng Zhao (CZ) detailed the evolution of Binance and FTX's relationship, beginning with early cooperation and investment that turned into rivalry. Binance invested in FTX's precursor Alameda Research in 2019 but exited in 2021 to compete more freely. CZ denied insider knowledge of FTX's financial troubles before its 2022 collapse, emphasizing the breakdown was gradual and marked by competitive tensions.
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CZ Reveals the Gradual Breakdown of Binance and FTX Partnership Before Collapse
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