SBF admitted at the court hearing on Monday that he “was probably the one who ultimately pulled the trigger” on the repurchase of Binance’s FTX shares.
It is reported that the repurchase of FTX shares from Binance ultimately led to FTX’s downfall. FTX has provided Binance with a large amount of its native token FTT. In November 2022, Binance CEO CZ threatened to sell the shares, triggering a run on FTX. (Bloomberg)
According to previous news, FTX used customer funds to repurchase all of the company’s shares held in Binance in 2022, of which more than $1 billion came from FTX’s customer funds.