Inside the Frantic Texts Exchanged by Crypto Executives as FTX Collapsed

A group chat including crypto leaders shows Binance’s Changpeng Zhao accusing FTX’s Sam Bankman-Fried of orchestrating trades to destabilize the industry.

In the Nov. 10 texts, Mr. Zhao specifically accused Mr. Bankman-Fried of using his hedge fund to drive down the price of Tether, a so-called stablecoin whose price is designed to remain at $1.