On Nov 10th, in a private group chat, CZ told SBF: "Stop now, don’t cause more damage. The more damage you do now, the more jail time."

In text that NY Times claims to have obtained, CZ apparently told SBF to stop what he was doing on 10th Nov 2022, right when FTX had just failed. Earlier, CZ had suggested they will buy FTX before back tracking on the offer after seeing the state of FTX's finances.

Post the failed attempt at reviving FTX, it seems SBF had embarked on risky trades that attempted to depeg tether stablecoin.

There messages were sent in a private group chat on Signal app, the group apparently included even Kraken CEO Jesse Powell, and Paolo Ardoino, the chief technology officer of Tether

Apparently, before seeking a bailout from CZ, FTX had also met with and requested a bailout from Tether, however Tether also declined to help at that situation.

Some other excerpts from the text interchange:

“My honest advice: stop doing everything,” Mr. Zhao said. “Put on a suit, and go back to DC, and start to answer questions.”

“Thanks for the advice!” Mr. Bankman-Fried shot back.

The texts also show that industry leaders were acutely aware that the actions of a single firm or fluctuations in the value of one virtual currency could destabilize the whole industry. The exchanges became increasingly tense as Mr. Bankman-Fried and Mr. Zhao traded barbs.

Article behind a pay wall:

https://www.nytimes.com/2022/12/09/technology/ftx-text-messages.html