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Binance CEO Changpeng Zhao Called Sam Bankman-Fried a “Fraudster”

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It’s been just reported that the CEO of important crypto exchange Binance has just called Sam Bankman-Fried, the disgraced FTX founder a “fraudster.” Check out more details below.

CZ has some things to say about FTX

In a lengthy thread, Changpeng Zhao says that Binance pulled out of its investments in FTX over a year and a half ago as something seemed off about the crypto exchange’s former CEO and its sister firm Alameda Research.

“As an early investor in FTX, we became increasingly uncomfortable with Alameda and [Bankman-Fried] and initiated the exit process more than 1.5 years ago.”

He continued and said this:

“Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members, including threatening to go to ‘extraordinary lengths to make us pay’ – we still have those text messages.”

According to Zhao, it was apparent that something was wrong with FTX when he noticed Bankman-Fried’s firm was lavishly spending money. The firm was even outspending Binance, a company much larger than the bankrupt crypto exchange.

“You don’t have to be a genius to know something [didn’t] smell right at FTX. They were 1/10th our size, yet outspent us 100/1 on marketing and ‘partnerships,’ fancy parties in the Bahamas, trips across the globe and mansions for all of their senior staff (and his parents).”

FTX disaster to boost one crypto sector

It’s been just revealed that ARK Invest founder and CEO Cathie Wood is predicting that the high-profile implosion of FTX will be a boon for one crypto sector.

Wood said in a recent interview that the collapse of FTX and other crypto firms would boost decentralized finance (DeFi) networks.

“We do believe DeFi will actually get a boost coming out of this because it’s so obvious now – decentralized and transparent is the way to go.” Check out our previous article in order to learn more details. 

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