Crypto Exchange Binance CEO Changpeng Zhao (CZ) has addressed numerous “erroneous narratives” about the collapse of crypto-exchange FTX and its cofounder Sam Bankman-Fried (SBF). Binance boss labels SBF “a master manipulator” and “one of the worst scammers ever.”
Binance CEO Dispels ‘Inaccurate Narratives’ About FTX Sam Bankman-Fried
Crypto Exchange Binance CEO Changpeng Zhao (CZ) took to Twitter on Tuesday to address the inaccurate narratives he’s seen about the crash of crypto-exchange FTX and its cofounder Sam Bankman-Fried (SBF).
The first narrative CZ addressed was “CZ wants to be the savior of cryptocurrency,” the Binance boss described. He explained:
Crypto doesn’t have to be saved. Crypto is meant to be decentralized. We are only part of the story. We may want to support other projects, even if we have a cash crunch due to recent events. We all have the best interests of our collective.
The second narrative Zhao responded to was “FTX was killed by xyz (i.e. a third party),” CZ continued, clarifying, “No, FTX killed themselves (and their users) because they stole billions of dollars in user funds. Period.”
CZ then addressed the narrative that “CZ’s tweet destroyed FTX,” the Binance CEO said, arguing “No sound business can be destroyed by a tweet.” CZ had tweeted 6 days before FTX filed for bankruptcy that Binance would be disposing of all FTX tokens.
While Zhao denied that he destroyed FTX via his tweet, he pointed out that an article published on Bloomberg and a tweet from Alameda Research CEO Caroline Ellison caused investors to abandon the FTT token. The Binance boss wrote:
Caroline’s tweet 16 minutes after mine on Nov 6th… Data shows it’s clear that she was the true reason FTT was eliminated… Her tweet bottomed out the price.
Zhao also addressed some narratives about Bankman-Fried. One was “SBF meant well, but made some mistakes,” Zhao noted, stressing, “Lying is never well-intentioned.”
Another narrative was “SBF perpetuated a narrative that painted me and other people as the ‘bad guys,’” CZ added.
He was an integral part of perpetuating the illusion that he was a “hero.” SBF is not just one of the most prolific scammers, but he is also a master manipulator in the media and with key opinion leaders.
Many people have compared the collapse of FTX and Bankman-Fried to Bernie Madoff’s Ponzi scheme. US Treasury Secretary Janet Yellen said last week that FTX was insolvent “a Lehman moment within crypto.”
FTX filed for bankruptcy on November 11. Bankman-Fried resigned as CEO and one million investors and customers lost billions of dollars in the stock market crash. The company is under investigation for mishandling funds. FTX’s new CEO John Ray told the bankruptcy court: “Never in my career have I seen such a complete breakdown of corporate controls and such a complete absence of reliable financial information as happened here.”
What do you think of Changpeng Zhao’s comments? Do you think Bankman-Fried is one of the greatest con artists in history? Please let us know your thoughts in the comments section.
