On November 2, 2022, Coindesk published an article entitled “Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet” which revealed alleged issues with Alameda Research and FTX’s close relationship and Alameda Research’s large FTT holdings.

Then, November 6, 2022, Binance’s Chief Executive Officer, Changpeng Zhao announced on Twitter that Binance would liquidate its FTT holdings “[d]ue to recent revelations that have come to light[.]”

On November 8, 2022, The Wall Street Journal published an article entitled “Binance’s Deal for Rival FTX Marks Power Shift Amid Crypto Turmoil” which discussed Binance’s non-binding agreement to purchase FTX amid FTX’s “sudden liquidity crunch”.

Then, on November 9, 2022, The Wall Street Journal published an article entitled “Binance Walks Away From Deal to Rescue FTX” which discussed the deal falling through which left FTX with “a shortfall of up to $8 billion, according to people familiar with the matter.”

On November 10, 2022, The Wall Street Journal published an article entitled “SEC, DOJ Investigating Crypto Platform FTX” which discussed the newly known investigations.

On the above news, the price of FTT has fallen sharply on unusually heavy trading volume.