Binance CEO Changpeng Zhao (CZ) announces a non-binding agreement to acquire rival exchange FTX after a bank run drains its liquidity. Within 24 hours, Binance backs out after due diligence reveals an $8 billion hole in FTX's balance sheet. The aborted deal accelerates FTX's collapse -- the exchange files for bankruptcy three days later. CZ's initial tweet liquidating Binance's FTT holdings had triggered the bank run in the first place, making this one of the most consequential power moves in crypto history.
Wikipedia: FTX Collapse