Binance CEO CZ slams FTX’s Sam Bankman-Fried: “grasp manipulator”

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Changpeng “CZ” Zhao, CEO of Binance, desires you to know that he’s not one of many “unhealthy guys.”

The crypto govt has returned to Twitter to share his newest ideas on the FTX disaster and collapse, this time addressing 5 totally different “narratives” that he believes are “mistaken” in a thread printed on Tuesday.

He clarified his place on what he believes precipitated FTX’s demise, accused former Alameda Analysis CEO Caroline Ellison of sabotaging the worth of FTX’s token FTT, and reiterated his perception that Sam Bankman-Fried was a fraud—and by no means a rival.

2 “FTX was killed by xyz (ie, a third get together)”
No, FTX killed themselves (and their customers) as a result of they stole billions of {dollars} of consumer funds. Interval.
— CZ 🔶 Binance (@cz_binance) December 6, 2022

“Crypto doesn’t want saving,” CZ wrote in response to the notion that he’s making an attempt to grow to be the “savior” of cryptocurrency within the aftermath of FTX’s demise.

“Crypto is all proper. That’s the attract of decentralization. “We’re simply part of it,” he added, echoing his September statements that the bear market isn’t essentially a foul factor.

CZ stated one thing related final month, claiming that cryptocurrency is the “solely secure factor” within the broader market downturn.

Whereas CZ stays unwaveringly optimistic about the way forward for cryptocurrency, he has nothing however contempt for Sam Bankman-Fried and the now-defunct FTX.

“FTX killed themselves (and their prospects) by stealing billions of {dollars} in consumer funds.” “Interval,” CZ wrote Tuesday, arguing that no third get together, together with himself, ought to be blamed for FTX’s demise.

No wholesome enterprise will be destroyed by a tweet

“No wholesome enterprise will be destroyed by a tweet,” CZ stated, presumably referring to his November 6 tweet wherein he introduced Binance’s sale of FTX’s alternate token FTT. He later clarified that the selloff was to cut back Binance’s danger and to cease “supporting individuals who foyer in opposition to different trade gamers behind their backs.”

The value of FTT then plummeted, inflicting a significant liquidity disaster at FTX. On November 11, FTX and its affiliated entities filed for chapter simply 5 days later.

CZ, alternatively, believes that Alameda’s Caroline Ellison is guilty for FTT’s value drop, citing a November 6 tweet wherein she provided to “fortunately” purchase all of CZ’s FTT for $22 per token.

“She gave away her ground value,” CZ stated.

Binance‘s CEO remains to be involved about his public picture and the way wherein Bankman-Fried has spoken about him.

“SBF perpetuated a story that painted me and others as ‘unhealthy guys,” CZ wrote. “It was important in conserving the phantasm that he was a ‘hero.’”

5. “SBF vs CZ: The Epic Showdown”
We do not concentrate on opponents as a result of it is a waste of time and sources when the trade has solely touched 6% of the inhabitants. We would like a number of exchanges, a number of blockchains, a number of wallets, and so forth, to co-exist within the ecosystem.
— CZ 🔶 Binance (@cz_binance) December 6, 2022

CZ on Sam Bankman-Fried: ‘Psychopath’ and ‘Knowledgeable manipulator’

CZ denied that Sam Bankman-Fried was ever a rival, having beforehand labeled SBF a “psychopath” for even implying such a dynamic existed between the 2 crypto executives.

We don’t concentrate on opponents as a result of it’s a waste of time and sources when the trade has solely touched 6% of the inhabitants. We would like a number of exchanges, a number of blockchains, a number of wallets, and so forth., to coexist within the ecosystem.

In any case, CZ harbors deep resentment for SBF.

“SBF is one among historical past’s biggest con artists,” CZ wrote. “He’s additionally an skilled manipulator of the media and key opinion leaders.”

SBF’s maintains his innocence

SBF refuted accusations of deliberate fraud in an earlier interview with DealBook.

On the New York Instances DealBook Summit, Bankman-Fried stated to reporter Andrew Sorkin,

I by no means tried to commit fraud. I used to be excited concerning the prospects of FTX a month in the past. I noticed it as a thriving, rising enterprise. I used to be shocked by what occurred this month. And reconstructing it, there are issues that I want I had completed in a different way.

Though SBF has not but been charged with a criminal offense, some consultants consider it might solely be a matter of time.
The filings from FTX’s chapter up to now seem “fairly devastating” for SBF, based on Thomas P. Vartanian, govt director on the nonprofit Monetary Expertise and Cybersecurity Heart, who has represented events in 30 of the 50 largest collapses of economic establishments in U.S. historical past.