been watching this unfold

FTX balance sheet was leaked

FTX is (was) the number 2 or 3 crypto exchange

the leak showed something wasn't right resulting in the perception that FTX is insolvent

FTX has native token called FTT

Binance CEO posted on twitter that Binance will unload all its FTT holdings

that caused a run on FTX (panic withdrawals by customers)

FTX didn't have enough funds to fulfill withdrawals

Binance CEO announced it will take over FTX but will do due diligence first

Binance decided not to pursue