The crypto billionaire who helped expose the SBF’s insolvency calls him ‘one of the greatest fraudsters in history’ and accuses the media and thought leaders of having manipulated
Changpeng Zhao, better known as CZ, is definitely ahead crisis of the crypto empire is FTX—despite fall out for the larger cryptocurrency ecosystem.
Billionaire CEO of the world’s largest corporation cryptocurrency exchangeBinance, which saw its main rival essentially evaporate in just a few weeks last month, sent trading on Binance’s platform skyrocketing. 30%.
FTX, formerly the world’s second largest cryptocurrency exchange, has applied for bankrupt in November after customers withdrew billions of dollars from the exchange in just a few days, halting withdrawals. And the founder of FTX, Sam Bankman-Fried—or SBF—has accused about using client funds to support its commercial business, Alameda Research.
Now CZ is speaking out against the old.”White Knight” of cryptocurrencies.
“The SBF is one of the greatest con artists in history, he is also a master manipulator when it comes to the media and key opinion leaders,” CZ wrote in a report. third tweet. “The SBF has maintained a narrative that portrays me and others as ‘bad guys’. It is important to maintain the illusion that he is a ‘hero’.”
SBF did not respond immediately Luckrequest comment. in one pre-interview with DealBookThe SBF denies the allegation of intentional fraud.
“I’ve never tried to cheat,” Bankman-Fried told reporter Andrew Sorkin at the press conference. New York Times DealBook Summit. “I was excited about the prospect of FTX a month ago. I see it as a thriving, growing business. I was shocked by what happened this month. And in rebuilding it, there are things that I wish I had done differently.”
CZ also pushed back against what he called “false stories,” including allegations that he caused a bank run that “destroyed FTX” when he decided to sell FTT tokens. of FTX held by Binance due to CoinDesk crash of Nov. 2 report that reveals the close financial relationship between FTX and Alameda Research—SBF’s trading arm.
Binance sales, announced in a November 6cause a Massive sell-off market and 6 billion USD withdraw money from FTX in few days.
But CZ and many in crypto community argues that it makes no sense to talk about “bank runaways”, and that the SBF is simply trying to avoid jail time by saying in a recent number The interviews are widely publicized that the failure of FTX was merely the result of bad luck and external attacks.
“No healthy business can be destroyed by a single tweet,” wrote CZ.
The billionaire CEO added that he believes the media has painted a false story about SBF as a man with “good intentions” but “just making some mistakes”.
He wrote: “Lying never has a good purpose.
While prosecutors have yet to charge the SBF with any crime, some experts say it may just be a matter of time.
Thomas P. Vartanian, executive director at the nonprofit Center for Cybersecurity and Financial Technology, who has represented parties in 30 of the 50 largest financial institution crashes in history United States, formerly told Luck that the filings from FTX’s bankruptcy so far look “pretty dire” to SBF.
CZ laughs too competition is supposed to be between him and SBF on Tuesday.
“We do not focus on competitors because it is a waste of time and resources when the industry only reaches 6% of the population,” he wrote. “We want multiple exchanges, multiple blockchains, multiple wallets, etc., to coexist in the ecosystem.”
This story was originally featured on Fortune.com
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