Binance CEO Calls Sam Bankman-Fried A ‘Master Manipulator’

The chief executive officer of crypto exchange Binance, Changpeng Zhao, wants to tell people that he is not one of the ‘bad guys’.

On Tuesday, the crypto executive tweeted once more to take about the FTX exchange and its collapse and his focus this time around was five various ‘narratives’ that he believes are false.

FTX collapse


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The first thing that the Binance CEO addressed was what he believes was the reason behind the downfall of FTX.

He also accused Caroline Ellison, the chief executive of Alameda Research, of tanking the price of FTT, the native token of the FTX exchange.

As far as Sam Bankman-Fried is concerned, CZ said that he had never been a rival and was always a fraud.

There had been talks about the Binance boss trying to be the ‘savior’ of the crypto market after the collapse of FTX. This was something that SBF had tried to do after the Terra ecosystem collapsed.

However, CZ reiterated that the crypto market does not need to be saved. He said that it was perfectly fine because that is exactly what decentralization offers.

He added that they were just part of the market, which was in accordance with the statements he had made back in September about the bear market not being a completely bad thing.

In fact, last month as well, he had made similar remarks and argued that the only thing that had remained stable in the broader downturn in the market was crypto itself.

The criticism

Even though Zhao very remains optimistic about the future of crypto, it did not stop him from criticizing Sam Bankman-Fried and his now defunct crypto exchange, FTX.

On Tuesday, the CEO said that FTX was responsible for its own demise because it had stolen customer funds worth billions of dollars.

He said that they should not accuse any third party of contributing to the collapse of FTX, including his own company Binance.


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He said that a tweet could not destroy a healthy business, referring to his own tweet on November 6th when they had announced that they were selling off their holdings of FTT, the native token of FTX.

He clarified later that Binance wanted to reduce its risk, so it had decided to sell off its holdings, and it did not wish to support anyone lobbying against the industry players.

The price of FTT plummeted at this announcement, which caused a liquidity crunch at FTX and five days later, the exchange and its subsidiaries filed for bankruptcy.

Alameda’s head

However, CZ said that the reason that the FTT token’s price had tanked was because of Caroline Ellison, who had responded to his tweet on November 6th.

She had said that they would be glad to purchase all of the FTT tokens at a price of $22 per token. He said that she had given away the floor price.

The Binance CEO has been concerned about how SBF talked about him because he does not want his public image to be tarnished.

He said that the ex-FTX CEO had painted him and others as the ‘bad guys’ because he wanted to make himself the ‘hero’.

He stated that SBF had been a ‘psychopath’ and not a rival because he had gone as far as suggesting such a thing.


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