December 7, 2022

Binance CEO Describes FTX’s SBF As “One of The Greatest Fraudsters”

Binance CEO

Binance CEO

Binance CEO Changpeng Zhao denounced being portrayed in addition to other guys by FTX founder Sam Bankman-Fried (SBF) as bad guys aftermath of the collapse of FTX in November.

In a Twitter thread, Zhao explained many matters related to the crypto industry, wanting to correct a number of “wrong narratives”, he witnessed recently. Zhao described Bankman-Fried, also known by his initials SBF, as one of the greatest fraudsters in history and a master manipulator when it comes to media and key opinion leaders.

“SBF perpetuated a narrative painting me and other people as the ‘bad guys.’ It was critical in maintaining the fantasy that he was a ‘hero.’ SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to media and key opinion leaders,” Zhao tweeted. He added that SBF has good intentions but he committed mistakes.

The second wrong narrative the CEO of Binance dismissed is that FTX was collapsed by a third party, asserting that FTX has killed itself by its mistakes, claiming that it stole billions of dollars of user funds.

“No healthy business can be destroyed by a tweet,” Zhao tweeted, recalling that a Bloomberg article on FTX on November 18 was the reason for FTX collapse that cited Caroline Ellison’s tweet on November 6 on Binance and Alameda.

The third narrative which Zhao countered is that he wants to be the savior of the crypto industry, saying the crypto doesn’t need saving. crypto is fine.

“Crypto doesn’t need saving. Crypto is fine. It’s the beauty of decentralization. We are just part of it. We want to help other good projects that may be in a cash crunch because of recent events. It’s in our collective best interest,” he further tweeted.

FTX, once valued at $32 billion, collapsed in a matter of days after the CEO of Binance said his exchange would liquidate its FTT tokens, a matter that led to the plunge of FTT value. FTX filed for Chapter 11 bankruptcy on November 11.

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