Bankman-Fried initially had a non-binding agreement that Changpeng Zhao, the leader of competitor Binance, would acquire the company.

This was after FTX saw around $6 billion of withdrawals within 72 hours.

Sam Bankman-Fried, the CEO of crypto exchange FTX considered the Democrats' "newest megadonor" ahead of the 2022 midterm elections, reportedly saw around $6 billion of withdrawals within 72 hours before Tuesday morning, forcing him to sell the company to its biggest rival on Election Day.

Reuters reported that Changpeng Zhao, the leader of competitor Binance, said the company signed a nonbinding agreement on Tuesday to buy FTX's non-U.S. unit to help cover a "liquidity crunch" at the rival exchange. The stunning bailout came about as American voters simultaneously went to the polls.

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Binance has now backed out of its plans to acquire the company.