Sunday, July 13, 2025
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Terms and Conditions
CryptoStandard.in
No Result
View All Result
  • Home
  • BITCOINS
  • CRYPTO NEWS
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • NFT
    • MINING
    • Regulations
  • BLOCKCHAIN
  • WEB3
  • METAVERSE
  • Guides 99
  • Cryptocurrency Wallets
  • Margin Trading
Crypto Marketcap
  • Home
  • BITCOINS
  • CRYPTO NEWS
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • NFT
    • MINING
    • Regulations
  • BLOCKCHAIN
  • WEB3
  • METAVERSE
  • Guides 99
  • Cryptocurrency Wallets
  • Margin Trading
No Result
View All Result
CryptoStandard.in
No Result
View All Result
Home Crypto Updates

FTX Killed Itself When It Stole Billions

by cryptostandard
in Crypto Updates
Reading Time: 3 mins read
A A
0


Binance has been on the focal point within the crypto business following the collapse of its competitor FTX. The corporate’s CEO, Changpeng “CZ” Zhao, took to Twitter to lastly clear the air across the occasions and penalties of its competitor’s demise. 

In early November, an article uncovered FTX’s stability sheet and confirmed its susceptibility to going bankrupt if its native token, FTT, crashed. A number of days later, CZ mentioned Binance would liquidate its FTT place; the remaining is historical past. 

FTX collapsed, the alternate misplaced billions of {dollars} in prospects’ funds, and confidence in crypto was broken. On this context, CZ and his firm have been seemingly the one events that benefited. 

Binance FTX BNB BNBUSDT
BNB’s worth shifting sideways on the each day chart. Supply: BNBUSDT Tradingview

Binance Rejects “Savior” Position In

In his Twitter thread, CZ tried to counter the “unsuitable narratives” that emerged from latest occasions. Many of those have been pushed by mainstream media in favor of FTX’s former CEO, Sam Bankman-Fried (SBF). 

Forbes, The New York Instances, and different outstanding publications body the collapse of FTX and SBF’s actions as a “mistake” with out authorized penalties. Many justify these actions based mostly on SBF’s “efficient altruism” perception. 

CZ referred to as out Bankman-Fried as a “liar,” and this motion is rarely completed with “good intentions,” the Binance CEO mentioned. He believes FTX and SBF have been accountable for their demise by “stealing” billions of person funds. 

Addressing the 2 major narratives created round Binance and CZ personally, the savior and FTX’s destroyer, the manager mentioned:

Crypto doesn’t want saving. Crypto is ok. It’s the fantastic thing about decentralization. We’re simply a part of it. We wish to assist different good initiatives which may be in a money crunch due to latest occasions. It’s in our collective finest curiosity.

When Did FTX Put The Ultimate Nail On Its Coffin?

FTX was allegedly mismanaging its customers’ funds since no less than 2021 by giving its buying and selling arm, Alameda Analysis, loans again by the FTT token. Thus, the corporate would most likely fail if the crypto market continued to observe its draw back trajectory. 

Nevertheless, CZ believes the ultimate strike on its competitor got here from Alameda CEO Caroline Ellison. When CZ mentioned Binance would liquidate their FTT, Ellison provided to purchase them out for $22. This assertion tipped the market on Alameda and FTX’s ground worth. 

Later, market individuals pushed the token’s worth under these ranges triggering the chain of response that led to FTX’s implosion. CZ added:

SBF perpetuated a story portray me and different individuals because the “unhealthy guys”. It was vital in sustaining the fantasy that he was a “hero.” SBF is among the best fraudsters in historical past, he’s additionally a grasp manipulator with regards to media and key opinion leaders.





Source link

Tags: billionsBitcoin NewsCrypto NewsCrypto StandardCrypto UpdatesFTXkilledLatest Bitcoin Newsstole
Previous Post

DESK Improve on CoinDesk’s Web site Affords Tokenized Reader Expertise

Next Post

Solana Value May Goal $15 If It Breaches These Ranges

Related Posts

What Metaplanet’s CEO says about Bitcoin’s future

What Metaplanet’s CEO says about Bitcoin’s future

by cryptostandard
0

The son of a chief grasp sergeant realized early what it means to stay in fixed motion - base after...

Amid Circle’s IPO Success within the US, Hong Kong Gears Up with Stablecoin Regulation

Amid Circle’s IPO Success within the US, Hong Kong Gears Up with Stablecoin Regulation

by cryptostandard
0

Leaders Roundtable: Buying and selling Business in Movement | FMAS:25 Leaders Roundtable: Buying and selling Business in Movement | FMAS:25...

XRP Added to Nasdaq Crypto US Settlement Value Index

XRP Added to Nasdaq Crypto US Settlement Value Index

by cryptostandard
0

XRP blasts into the Nasdaq Crypto US Settlement Value Index, marking a monumental step towards institutional adoption and setting the...

Bitcoin Nears 5K as SEC Eyes Tokenization – 3 New Crypto Picks

Bitcoin Nears $105K as SEC Eyes Tokenization – 3 New Crypto Picks

by cryptostandard
0

Trusted Editorial content material, reviewed by main business specialists and seasoned editors. Advert Disclosure The crypto market simply turned up...

BYDFi & Ledger Launch a Restricted Pockets at TOKEN2049 Dubai

BYDFi & Ledger Launch a Restricted Pockets at TOKEN2049 Dubai

by cryptostandard
0

Loved this text? Share it with your mates! Dubai, April 30, 2025 – As an official sponsor of TOKEN2049 Dubai,...

Load More
Next Post
Solana Value May Goal  If It Breaches These Ranges

Solana Value May Goal $15 If It Breaches These Ranges

Blockchain Knowledge Supplier Chainlink Launches Staking of Its Native Token LINK

Blockchain Knowledge Supplier Chainlink Launches Staking of Its Native Token LINK

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT
#
  • Trending
  • Comments
  • Latest
FinovateEurope’s Alumni Alley: Improvements in SaaS Accounting, the Evolution of eDoc Supply, and the Problem of Digital Id

FinovateEurope’s Alumni Alley: Improvements in SaaS Accounting, the Evolution of eDoc Supply, and the Problem of Digital Id

LEVER Value Prediction Forward of 60K Incentive Program

LEVER Value Prediction Forward of 60K Incentive Program

Neutron (NTRN) Worth Prediction 2023 2024 2025

Neutron (NTRN) Worth Prediction 2023 2024 2025

Crypto value predictions: Vantard, Cardano, Hamster Kombat

Crypto value predictions: Vantard, Cardano, Hamster Kombat

AVAX Worth Pumps 50% and Dumps 15%, Why Uptrend Is Nonetheless Sturdy

AVAX Worth Pumps 50% and Dumps 15%, Why Uptrend Is Nonetheless Sturdy

Ethereum Worth Hints At Potential Correction, Purchase The Dip?

Ethereum Worth Hints At Potential Correction, Purchase The Dip?

Chinese language business group warns Web3 and DeFi high-return offers conceal basic Ponzi engines

Chinese language business group warns Web3 and DeFi high-return offers conceal basic Ponzi engines

What subsequent for Bitcoin after hitting a brand new all-time excessive? Verify forecast

What subsequent for Bitcoin after hitting a brand new all-time excessive? Verify forecast

Announcement – Licensed Cryptocurrency Skilled (CCP)™ Certification Launched

Announcement – Licensed Cryptocurrency Skilled (CCP)™ Certification Launched

The Way forward for Ecosystem Improvement on the EF

The Way forward for Ecosystem Improvement on the EF

Bitcoin Hits New All Time Excessive at 2,000 As Firms Purchase Report Quantities of BTC

Bitcoin Hits New All Time Excessive at $112,000 As Firms Purchase Report Quantities of BTC

What Metaplanet’s CEO says about Bitcoin’s future

What Metaplanet’s CEO says about Bitcoin’s future

CryptoStandard.in

Find the latest Bitcoin, Trending Crypto Updates, Altcoins, Blockchain, NFTs, Crypto Regulations, Interviews, Price Analysis, and more at Crypto Standard

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Terms and Conditions

Copyright © 2022 - Crypto Standard.
Crypto Standard is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • BITCOINS
  • CRYPTO NEWS
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • NFT
    • MINING
    • Regulations
  • BLOCKCHAIN
  • WEB3
  • METAVERSE
  • Guides 99
  • Cryptocurrency Wallets
  • Margin Trading

Copyright © 2022 - Crypto Standard.
Crypto Standard is not responsible for the content of external sites.