The CEO of crypto change Binance, Changpeng Zhao (CZ), has countered a number of “unsuitable narratives” in regards to 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 ‘Fallacious Narratives’ About FTX and Sam Bankman-Fried
The CEO of crypto change Binance, Changpeng Zhao (CZ), took to Twitter Tuesday to handle what he referred to as “unsuitable narratives” that he has seen just lately in regards to 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 initiatives which may be in a money crunch due to current occasions. It’s in our collective finest 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 consumer funds. Interval.”
The subsequent narrative Zhao countered was “CZ’s tweet destroyed FTX,” the Binance CEO stated, arguing: “No wholesome enterprise will 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 along 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 induced traders to dump the FTT token. The Binance chief wrote:
Caroline’s tweet 16 minutes after mine on Nov 6 … Information reveals it was the actual trigger for individuals to dump FTT … She gave her flooring 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 ‘unhealthy guys,’” CZ added, elaborating:
It was important 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 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 stated final week that the FTX collapse was “a Lehman moment inside crypto.”
FTX filed for chapter on Nov. 11 and Bankman-Fried stepped down because the CEO. An estimated a million prospects and traders misplaced billions of {dollars} from the change collapse. The corporate is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told 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 consider the feedback by Binance CEO Changpeng Zhao? And, do you assume Bankman-Fried is likely one of the best fraudsters in historical past? Tell us within the feedback part beneath.
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