The CEO of crypto change Binance, Changpeng Zhao (CZ), has countered a number of “fallacious narratives” concerning the collapsed crypto change FTX and its co-founder Sam Bankman-Fried (SBF). The Binance boss calls SBF “a grasp manipulator” and “one of many best fraudsters in historical past.”
Binance’s CEO on ‘Flawed Narratives’ About FTX and Sam Bankman-Fried
The CEO of crypto change Binance, Changpeng Zhao (CZ), took to Twitter Tuesday to deal with what he referred to as “fallacious narratives” that he has seen just lately concerning the collapsed crypto change FTX and its co-founder Sam Bankman-Fried (SBF).
The primary narrative he addressed was “CZ desires to be the savior of crypto,” the Binance boss described. He defined:
Crypto doesn’t want saving. Crypto is ok. It’s the great thing about decentralization. We’re simply a part of it. We need to assist different good tasks that could be in a money crunch due to latest occasions. It’s in our collective greatest curiosity.
The second narrative is “FTX was killed by xyz (ie, a third social gathering),” CZ continued, emphasizing: “No, FTX killed themselves (and their customers) as a result of they stole billions of {dollars} of person funds. Interval.”
The subsequent narrative Zhao countered was “CZ’s tweet destroyed FTX,” the Binance CEO mentioned, arguing: “No wholesome enterprise could be destroyed by a tweet.” On Nov. 6, days earlier than FTX filed for chapter, CZ tweeted that Binance is dumping all FTX tokens on its books.
Whereas Zhao has denied destroying FTX together with his tweet, he identified that an article printed by Bloomberg steered {that a} tweet by Alameda Analysis CEO Caroline Ellison led to the collapse of FTX and brought about buyers to dump the FTT token. The Binance chief wrote:
Caroline’s tweet 16 minutes after mine on Nov 6 … Knowledge reveals it was the true trigger for individuals to dump FTT … She gave her ground value away…
Zhao additionally addressed some narratives about Bankman-Fried. One is “SBF had good intentions, however simply made some errors,” Zhao famous, stressing: “Mendacity isn’t with good intentions.”
One other narrative is “SBF perpetuated a story portray me and different individuals because the ‘dangerous guys,’” CZ added, elaborating:
It was crucial in sustaining the fantasy that he was a ‘hero.’ SBF is without doubt one of the best fraudsters in historical past, he’s additionally a grasp manipulator with regards to media and key opinion leaders.
Some individuals have in contrast the FTX meltdown and Bankman-Fried to Bernie Madoff’s Ponzi scheme. U.S. Treasury Secretary Janet Yellen mentioned final week that the FTX collapse was “a Lehman second inside crypto.”
FTX filed for chapter on Nov. 11 and Bankman-Fried stepped down because the CEO. An estimated a million clients and buyers misplaced billions of {dollars} from the change collapse. The corporate is now being investigated for mishandling buyer funds. FTX’s new CEO, John Ray, advised the chapter courtroom: “By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary data as occurred right here.”
What do you consider the feedback by Binance CEO Changpeng Zhao? And, do you suppose Bankman-Fried is without doubt one of the best fraudsters in historical past? Tell us within the feedback part under.
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