The CEO of crypto alternate Binance, Changpeng Zhao (CZ), has countered a number of “flawed narratives” in regards to the collapsed crypto alternate 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 ‘Fallacious Narratives’ About FTX and Sam Bankman-Fried
The CEO of crypto alternate Binance, Changpeng Zhao (CZ), took to Twitter Tuesday to deal with what he referred to as “flawed narratives” that he has seen not too long ago in regards to the collapsed crypto alternate FTX and its co-founder Sam Bankman-Fried (SBF).
The primary narrative he addressed was “CZ needs to be the savior of crypto,” the Binance boss described. He defined:
Crypto doesn’t want saving. Crypto is okay. It’s the great thing about decentralization. We’re simply a part of it. We need to assist different good tasks which may be in a money crunch due to current occasions. It’s in our collective greatest curiosity.
The second narrative is “FTX was killed by xyz (ie, a third occasion),” CZ continued, emphasizing: “No, FTX killed themselves (and their customers) as a result of they stole billions of {dollars} of person funds. Interval.”
The following narrative Zhao countered was “CZ’s tweet destroyed FTX,” the Binance CEO stated, arguing: “No wholesome enterprise may 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 revealed by Bloomberg advised {that a} tweet by Alameda Analysis CEO Caroline Ellison led to the collapse of FTX and triggered 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 actual trigger for individuals to dump FTT … She gave her flooring worth away…
Zhao additionally addressed some narratives about Bankman-Fried. One is “SBF had good intentions, however simply made some errors,” Zhao famous, stressing: “Mendacity is rarely 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 vital in sustaining the fantasy that he was a ‘hero.’ SBF is likely one of the best fraudsters in historical past, he’s additionally a grasp manipulator relating 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 stated 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 prospects and buyers misplaced billions of {dollars} from the alternate collapse. The corporate is now being investigated for mishandling buyer funds. FTX’s new CEO, John Ray, advised the chapter court docket: “By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary info as occurred right here.”
What do you concentrate on the feedback by Binance CEO Changpeng Zhao? And, do you suppose Bankman-Fried is likely one of the best fraudsters in historical past? Tell us within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, providers, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any harm or loss triggered or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.
