Sam Bankman-Fried's $32B demise was triggered by tweet from rival

The demise of and his billion-dollar crypto businesses may have been triggered by a single tweet from his industry rival.

Just days before the collapse of FTX and its sister firm, Alameda Research, the head of competitor Binance, Changpeng Zhao, announced his company would divest from Bankman-Fried's businesses.

He made the announcement on and cited 'recent revelations' about the health of FTX. Those revelations were detailed in an Alameda balance sheet which was leaked days earlier and indicated the financial mess Bankman-Fried's businesses were in.

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