![The Collapse of the FTX Empire The Collapse of the FTX Empire](https://www.coindesk.com/resizer/9S5woBCpcEvn8gzZZZ8kM1axc_M=/800x600/cloudfront-us-east-1.images.arcpublishing.com/coindesk/T4G3XGKR7JGN7I3U55NPNTDZ4Q.jpg)
Hello folks. It is election day in the U.S., and that was going to be my main focus today, up until about 11:05 a.m. ET anyway. That’s the point when Sam Bankman-Fried announced that his company FTX would enter a “transaction” with Binance, which Binance CEO Changpeng Zhao later clarified was a letter of intent for Binance to acquire FTX.