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Cryptocurrency

5 Failing Crypto Narratives of Late According to CZ Binance

Changpeng Zhao – CEO of the world’s largest crypto exchange, Binance – rejected some of the latest assumptions regarding himself and his company’s involvement in FTX’s crash.

He reiterated his position that the main culprit of the catastrophe was Sam Bankman-Fried (SBF), describing him as “one of the greatest fraudsters” of all time.

CZ’s List

Zhao took it to Twitter to dismiss some suggestions that hovered in the cryptocurrency space lately. He said he doesn’t see himself as the “savior of crypto,” arguing the industry is “fine” and doesn’t need saving.

“It’s the beauty of decentralization. We are just part of it. We want to help other good projects that may be in a cash crunch because of recent events. It’s in our best interest,” he added.

CZ also touched upon FTX, claiming a third party had nothing to do with its collapse:

“FTX killed themselves (and their users) because they stole billions of dollars of user funds. Period.”

Some people seem to believe SBF had good intentions and did not want to scam customers. Zhao rejected that assumption, stating, “lying is never with good intentions.”

Binance’s CEO went further, calling FTX’s former boss a “master manipulator” and “one of the greatest fraudsters in history.” He corrupted media and opinion leaders to portray him as a “hero,” CZ concluded.

Subsequently, CZ believes his firm should not focus too much on competitors when there are other more essential issues, such as the low level of crypto adoption:

“We want multiple exchanges, multiple blockchains, multiple wallets, etc., to co-exist in the ecosystem.”

SBF Should Start Answering Questions

FTX’s former CEO posted a series of mysterious tweets last month shortly before his company filed for bankruptcy protection. In one of his messages, he spoke about a “particular sparring partner” that had perhaps damaged his exchange’s operations. The tweet triggered confusion, and some hinted this secret entity could be Binance.

Zhao dismissed those rumors describing SBF as a “psychopath” for writing such a thing. He once again stated that his platform is not willing to eliminate smaller exchanges but assist them during challenging times:

“He never told me I was his sparring partner. We never view other exchanges as sparring partners, it’s not a boxing match.”

CZ also advised SBF to stop dropping controversial tweets but rather fix the issues which FTX’s meltdown brought:

“He should be working on other things, he should not be writing tweets. In one of the messages I sent him in a group, I said: ‘Honest advise, Sam, stop doing whatever you are doing, don’t do anything more, put on a suit, go to DC and start answering questions.’”

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