1) What 2-9) H-A-P-P-E-N-E-D? We now know.

Remember SBF’s famous 9 part tweet thread that asked: 1) What 2-9) H-A-P-P-E-N-E-D?
Well, as more and more evidence comes out, there’s a clearer story forming, and the short answer is below.
Moral of the story: See gif ☝️

Remember SBF’s famous 9 part tweet thread that asked:

1) What

2-9) H-A-P-P-E-N-E-D?

Well, as more and more evidence comes out, there’s a clearer story forming, and the short answer is:

SBF f*cked around and found out.

Here’re the basic story beats we’ve gotten so far (some confirmed, some not):

SBF tries to turn US regulators against Binance.
CZ retaliates by going on a PR blitz, leaking Alameda’s balance sheet to CoinDesk.
The leak shows how unstable Alameda is, and that a large sale of FTT tokens could ruin them.
CZ announces a large sale of FTT tokens.
Alameda offers to buy them off him in a single over the counter sale (which means the price wouldn’t crash).
CZ refuses, essentially saying ‘I know what you’ve been saying about me to US regulators – why would I help you?’
Alameda goes under.
What few people knew was…Alameda had been borrowing (stealing) customer funds from FTX.
Which meant as Alameda went down, it took FTX with it.

Moral of the story:

(See gif ☝️)