February 8, 2023

Binance CEO Changpeng Zhao (CZ) has refuted claims that he was the source of the FTX cryptocurrency exchange collapse. Notably, FTX was hit with liquidity crunch moments after the Binance founder stated that the exchange would be liquidating all its FTT tokens. 

According to Zhao, he should not be blamed for the collapse but noted that FTX founder Sam Bankman-Fried (SBF) orchestrated the entire crisis terming him as ‘one of the greatest fraudsters in history’, he said in a tweet on December 6. 

CZ alleged that SBF planned to present himself as a hero in the exchange collapse, maintaining that he made a lot of mistakes.

“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,” the Binance CEO said. 

Source of FTX collapse 

Interestingly, after announcing that liquation of FTT, the native token of FTX, Zhao was accused of being the source of the exchange’s demise. However, Zhao fired back, stating that if the FTX business model was healthy, it could not be destroyed by a single tweet. 

“CZ’s tweet destroyed FTX. No healthy business can be destroyed by a tweet,” he added. 

The Binance boss made the sentiments in reaction to Bloomberg’s new report that attempted to trace FTX’s collapse to Twitter activity. 

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