Changpeng Zhao, CEO of cryptocurrency exchange Binance CZ) has refuted several “wrong stories” about the collapsed cryptocurrency exchange FTX and its co-founder Sam Bankman-Fried (SBF). The Binance boss calls SBF a “master manipulator” and “one of the greatest fraudsters in history.”
Binance CEO Tells ‘Wrong Story’ About FTX and Sam Bankman-Fried
Crypto Exchange Binance CEO Changpeng Zhao (CZ) Referring to his statement on Twitter, he called it the “wrong narrative” we’ve seen recently about the failed cryptocurrency exchange FTX and its co-founder Sam Bankman-Fried (SBF).
The first thing he said was, “CZ wants to be the savior of cryptocurrencies,” explained the Binance boss. He explained:
Ciphers don’t need to be stored. Ciphers are fine. That’s the beauty of decentralization. We are just part of it. We want to help other great projects that may be underfunded due to recent events.It is in our collective best interest.
The second narrative is that “FTX was killed by xyz (i.e. the 3rd party)”, CZ goes on to emphasize: of user funds. period. “
Zhao’s next counter-argument was that ‘CZ’s tweet destroyed his FTX,’ and Binance’s CEO claimed, ‘A healthy business has It will not be destroyed,” he said. On November 6th, days before FTX filed for bankruptcy, CZ tweeted that Binance was dumping all his FTX tokens on its books.
Zhao denies destroying his FTX in his own tweet, but the article published by Bloomberg states that Caroline Ellison, CEO of Alameda Research, tweeted He pointed out that it suggested that it led to the collapse of his FTX and involved investors. Dump the FTT token. Binance chief wrote:
Caroline’s tweet 16 minutes after my post on Nov. …She abandoned the floor price…
Zhao also dealt with several stories about Bankman Freed. But I just made a few mistakes,” he said, emphasizing that “lying is never good intentions.”
Another story, “SBF perpetuated a narrative that portrayed me and others as ‘bad guys,'” added CZ, elaborating:
SBF is one of history’s greatest fraudsters and a master manipulator when it comes to media and major opinion leaders.
Some compared FTX’s Meltdown and his Bankman-Fried to Bernie Madoff’s Ponzi scheme. U.S. Treasury Secretary Janet Yellen said last week that the collapse of FTX was a “Lehman moment in cryptocurrencies.”
FTX filed for bankruptcy on his November 11th, and Bankman-Fried stepped down as his CEO. An estimated 1 million customers and investors lost billions of dollars due to the exchange’s collapse. The company is currently under investigation for mishandling customer funds. FTX’s new CEO, John Ray, said in bankruptcy court:
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