Binance CEO Changpeng Zhao Launched a ‘Targeted Attack’ Against FTX
Every good fraud story deserves a scapegoat, and SBF sees one in Binance CEO Changpeng “CZ” Zhao. In his post, SBF accused CZ of engaging in an “extremely effective months-long PR campaign against FTX” that rapidly accelerated the firms liquidity crisis. SBF pointed to a November tweet from CZ where the CEO announced Binance would dump its holding of FTX’s native token. That tweet, he claims, led to massive customer withdrawals which stretched FTX thin. SBF described this series of events as a “quick, targeted crash,” caused by CZ.
Binance, it should be noted, was briefly poised to acquire FTX before ultimately deciding to walk away from the proposed deal in early November after taking a look at the flailing company’s books. “Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” a spokesperson for Binance said at the time.
