Binance Counters ‘Wrong Narratives’ About FTX — CZ Calls SBF ‘One of the Greatest Fraudsters in History’

Binance Counters ‘Wrong Narratives’ About FTX — CZ Calls SBF ‘One of the Greatest Fraudsters in History’

Binance Counters 'Wrong Narratives' About FTX — CZ Calls Sam Bankman-Fried 'One of the Greatest Fraudsters in History'

The CEO of crypto alternate Binance, Changpeng Zhao (CZ), has countered a number of “wrong narratives” concerning the collapsed crypto alternate FTX and its co-founder Sam Bankman-Fried (SBF). The Binance boss calls SBF “a master manipulator” and “one of the greatest fraudsters in history.”

Binance’s CEO on ‘Wrong 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 known as “wrong narratives” that he has seen lately concerning the collapsed crypto alternate FTX and its co-founder Sam Bankman-Fried (SBF).

The first narrative he addressed was “CZ wants 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 are simply a part of it. We wish 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 3rd party),” CZ continued, emphasizing: “No, FTX killed themselves (and their users) because they stole billions of dollars of user funds. Period.”

The subsequent narrative Zhao countered was “CZ’s tweet destroyed FTX,” the Binance CEO mentioned, arguing: “No healthy business can 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.

While Zhao has denied destroying FTX together with his tweet, he identified that an article printed by Bloomberg prompt {that a} tweet by Alameda Research CEO Caroline Ellison led to the collapse of FTX and triggered traders to dump the FTT token. The Binance chief wrote:

Caroline’s tweet 16 minutes after mine on Nov 6 … Data reveals it was the actual trigger for folks to dump FTT … She gave her flooring worth away…

Zhao additionally addressed some narratives about Bankman-Fried. One is “SBF had good intentions, but just made some mistakes,” Zhao famous, stressing: “Lying is never with good intentions.”

Another narrative is “SBF perpetuated a narrative painting me and other people as the ‘bad guys,’” CZ added, elaborating:

It was vital in sustaining the fantasy that he was a ‘hero.’ SBF is among the biggest fraudsters in historical past, he’s additionally a grasp manipulator in relation to media and key opinion leaders.

Some folks 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 moment within 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 alternate collapse. The firm is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the chapter court docket: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

What do you concentrate on the feedback by Binance CEO Changpeng Zhao? And, do you suppose Bankman-Fried is among the biggest fraudsters in historical past? Let us know within the feedback part beneath.

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