1 year ago
The CEO of crypto speech Binance, Changpeng Zhao (CZ), has countered respective “wrong narratives” astir the collapsed crypto speech FTX and its co-founder Sam Bankman-Fried (SBF). The Binance brag calls SBF “a maestro manipulator” and “one of the top fraudsters successful history.”
Binance’s CEO connected ‘Wrong Narratives’ About FTX and Sam Bankman-Fried
The CEO of crypto speech Binance, Changpeng Zhao (CZ), took to Twitter Tuesday to code what helium called “wrong narratives” that helium has seen precocious astir the collapsed crypto speech FTX and its co-founder Sam Bankman-Fried (SBF).
The archetypal communicative helium addressed was “CZ wants to beryllium the savior of crypto,” the Binance brag described. He explained:
Crypto doesn’t request saving. Crypto is fine. It’s the quality of decentralization. We are conscionable portion of it. We privation to assistance different bully projects that whitethorn beryllium successful a currency crunch due to the fact that of caller events. It’s successful our corporate champion interest.
The 2nd communicative is “FTX was killed by xyz (ie, a 3rd party),” CZ continued, emphasizing: “No, FTX killed themselves (and their users) due to the fact that they stole billions of dollars of idiosyncratic funds. Period.”
The adjacent communicative Zhao countered was “CZ’s tweet destroyed FTX,” the Binance CEO said, arguing: “No steadfast concern tin beryllium destroyed by a tweet.” On Nov. 6, days earlier FTX filed for bankruptcy, CZ tweeted that Binance is dumping each FTX tokens connected its books.
While Zhao has denied destroying FTX with his tweet, helium pointed retired that an article published by Bloomberg suggested that a tweet by Alameda Research CEO Caroline Ellison led to the illness of FTX and caused investors to dump the FTT token. The Binance main wrote:
Caroline’s tweet 16 minutes aft excavation connected Nov 6 … Data shows it was the existent origin for radical to dump FTT … She gave her level terms away…
Zhao besides addressed immoderate narratives astir Bankman-Fried. One is “SBF had bully intentions, but conscionable made immoderate mistakes,” Zhao noted, stressing: “Lying is ne'er with bully intentions.”
Another communicative is “SBF perpetuated a communicative coating maine and different radical arsenic the ‘bad guys,'” CZ added, elaborating:
It was captious successful maintaining the phantasy that helium was a ‘hero.’ SBF is 1 of the top fraudsters successful history, helium is besides a maestro manipulator erstwhile it comes to media and cardinal sentiment leaders.
Some radical person compared the FTX meltdown and Bankman-Fried to Bernie Madoff’s Ponzi scheme. U.S. Treasury Secretary Janet Yellen said past week that the FTX illness was “a Lehman moment wrong crypto.”
FTX filed for bankruptcy connected Nov. 11 and Bankman-Fried stepped down arsenic the CEO. An estimated 1 cardinal customers and investors mislaid billions of dollars from the speech collapse. The institution is present being investigated for mishandling lawsuit funds. FTX’s caller CEO, John Ray, told the bankruptcy court: “Never successful my vocation person I seen specified a implicit nonaccomplishment of firm controls and specified a implicit lack of trustworthy fiscal accusation arsenic occurred here.”
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What bash you deliberation astir the comments by Binance CEO Changpeng Zhao? And, bash you deliberation Bankman-Fried is 1 of the top fraudsters successful history? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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