On November 2, CoinDesk published a leaked balance sheet from Alameda Research (a trading firm also owned by FTX founder and CEO Sam Bankman-Fried). The sheet suggested that Alameda held substantial amounts of FTX’s $FTT token. « While there is nothing per se untoward or wrong about that, it shows Bankman-Fried’s trading giant Alameda rests on a foundation largely made up of a coin that a sister company invented, not an independent asset like a fiat currency or another crypto, » CoinDesk wrote.

Following the report, Binance CEO Changpeng « CZ » Zhao announced they would be liquidating their FTT holdings. CZ also took a shot at SBF’s recent controversial policy recommendations, writing, « Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t support people who lobby against other industry players behind their backs. »

SBF first appeared conciliatory towards Binance, writing « I respect the hell out of what y’all have done to build the industry as we see it today, whether or not they reciprocate, and whether or not we use the same methods. Including CZ. Anyway — as always — it’s time to build. Make love (and blockchain), not war. » However, he later wrote that « A competitor is trying to go after us with false rumors » and urged that « FTX is fine. Assets are fine. »