Binance CEO Changpeng Zhao (CZ) and former FTX boss Sam Bankman-Fried (SBF) exchanged barbs on Twitter on Friday, each challenging the nature of private business deals.
During the exchange, Bankman-Fried asked CZ why they would “lie” about their situation when they had already “won” after bankruptcy.
Story of CZ
CZ I started See Kevin O’Leary’s latest comments on FTX’s Fallout.
In an interview with CNBC, the Shark Tank star suggested that FTX spent much of its cash trying to buy back shares from Binance due to its “opaque” ownership. He also refrained from accusing Bankman-Fried of fraud, as he had done. More than once Since the bankruptcy of FTX.
oleary is paid He was an early investor in the company, investing $15 million to promote FTX’s brand in August 2021. CZ believes this has something to do with why the exchange appears to be holding up FTX and SBF defenses even after it collapses.
“Unlike Kevin O’Leary, we continue to do due diligence after making an investment,” said CZ. “As early investors in FTX, we became increasingly uncomfortable with Alameda/SBF and began the exit process over 1.5 years ago.”
According to CZ, Binance began abandoning its stock positions in July 2021 due to concerns over the practices of SBF and Alameda. According to his CEO of Binance, this has driven his Bankman-Fried into multiple “unfettered” riots against his members of Binance’s team. “We still have those text messages,” CZ said.
This prompted FTX to launch a massive investment campaign among “high-ranking friends”, including media, politicians and celebrities such as Kevin O’Leary, to turn public opinion in FTX’s favor and against the opposition. seems to have been induced to
Early November, CZ suggestive That FTX was lobbying other players in the crypto industry in Congress. Later that month, Congressman Tom Emmer said he had received the SBF’s report. collusion Worked with the SEC to build FTX’s regulatory monopoly in the exchange business.
“You don’t have to be a genius to know that something is going wrong in FTX,” continued CZ. “They were a tenth the size of him in ours, but marketing and ‘partnerships’, fancy parties in the Bahamas, travel around the world, mansions for all senior staff made him 100/ Spent 1. “
CZ boasted In June, he said his firm had been particularly frugal during the 2021 cryptocurrency bull market, developing a large “war chest” compared to other more brutal competitors.
Story of SBF
Unlike CZ, Bankman-Fried Alleged His company, the company that started talks to buy Binance’s stake in FTX, echoed his words to Kevin O’Leary on the matter.
He also argued that Binance has no right to withdraw as an investor unless FTX voluntarily chooses to acquire it.
“But again, we don’t need this. You won. Why are you lying now?”
CZ disputed SBF’s description of the deal as a “competition” or “battle”, arguing that “nobody won” as a result.
Don’t try to tell your friends to focus on us. Focus on yourself. You should have learned that by now. 2/2
— CZ 🔶 Binance (@cz_binance) December 9, 2022
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