The crypto billionaire who helped expose SBF’s insolvency calls him ‘one of the greatest fraudsters in history’ and accuses media and thought leaders of being manipulated


Changpeng Zhao, better known as CZ, definitely pulled through after the meltdown of the crypto empire that was FTX, despite the fall for the large crypto ecosystem.

The billionaire CEO of the largest company in the world crypto exchangeBinance saw its main rival essentially evaporate in a matter of weeks last month, leading to trading on the Binance platform jumping 30%.

FTX, formerly the second largest crypto exchange in the world, requested bankruptcy in November after clients withdrew billions from the exchange in a matter of days, causing withdrawals to cease. And FTX founder Sam Bankman-Fried, or SBF, has been accused to use client funds to prop up its commercial business, Alameda Research.

Now CZ speaks out against the above “White knight” of cryptography.

“SBF is one of the biggest scammers ever, he is also a master manipulator when it comes to media and key opinion leaders,” CZ wrote in a post. tuesday tweet. “SBF perpetuated a narrative that painted me and other people as the ‘bad guys.’ He was instrumental in maintaining the fantasy that he was a ‘hero.’”

SBF did not immediately respond to Fortunerequest for comments. in a previous interview with DealBookSBF denied the allegations of intentional fraud.

“I never tried to commit fraud,” Bankman-Fried told reporter Andrew Sorkin on the New York Times DealBook Summit. “I was excited about the prospects for FTX a month ago. I saw it as a thriving and growing business. I was shocked at what happened this month. And rebuilding it, there are things I wish I had done differently.”

CZ also pushed back on what he called “incorrect narratives,” including allegations that he sparked a bank run that “destroyed FTX” when he decided to sell Binance’s holdings of FTX’s FTT token due to a Nov. 2 CoinDesk. report that revealed close financial ties between FTX and Alameda Research, SBF’s trading company.

The Binance sales, which were announced in a November 6 Tweetcaused a market selloff Y $6 billion in FTX withdrawals in a matter of days.

But CZ and many in the crypto community argue that talk of a “bank run” is nonsense, and that SBF is simply trying to avoid prison time saying in several recent highly publicized interviews that FTX’s failure was simply the result of bad luck and outside attacks.

“No healthy business can be destroyed by a tweet,” CZ wrote.

The billionaire CEO added that he believes the media has painted a false narrative of SBF as a man with “good intentions” who “just made a few mistakes.”

“The lie is never with good intentions,” he wrote.

While prosecutors have yet to charge SBF with any wrongdoing, some experts say it may only be a matter of time.

Thomas P. Vartanian, executive director of the nonprofit Center for Cybersecurity and Financial Technology, who represented parties in 30 of the 50 largest collapses of financial institutions in US history. saying Fortune that FTX’s bankruptcy filings so far look “quite devastating” for SBF.

CZ also laughed at the alleged rivalry between him and SBF on Tuesday.

“We don’t focus on competitors because it’s a waste of time and resources when the industry has only affected 6% of the population,” he wrote. “We want multiple exchanges, multiple blockchains, multiple wallets, etc. to coexist in the ecosystem.”

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