On Sunday, FTX exchange saw about $5b worth of withdrawals in a day. However, they were unable to fulfill all of those requests due to liquidity issues.
Then, Binance, the world’s largest cryptocurrency exchange jumped in and offer to cover FTX. However, they withdrew the offer the next day after doing their “corporate due diligence and considering the latest news reports regarding mishandled customer funds.”
You can read more about this scandal on The Verge.
Update on Nov 11: FTX filed bankruptcy and many other coin exchanges are racing to prove themselves (same source news – The Verge)