How Binance played a key role as FTX collapse unfolded

How Binance played a key role as FTX collapse unfolded

Cryptocurrency exchange run by Changpeng Zhao pulled out of deal to rescue its rival

• Crypto exchange FTX files for bankruptcy protection in US
• What happened to FTX and could the crisis harm the rest of crypto?

One of the world’s largest cryptocurrency exchanges, FTX, has collapsed, with what is reported to be an $8bn (£6.8bn) black hole on its balance sheet. Of its 1 million users, many are now unable withdraw their funds. On Friday, the FTX group, run from offices in America but headquartered in the Bahamas, filed for bankruptcy protection in the US.

FTX’s rival, Binance, has played a key role in the saga. Here is a step by step account of how the disaster unfolded.

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