CEO accused of instigating FTX collapse details Sam Bankman-Fred’s “lies” and “straw that broke the camel’s back”

The CEO of Binance, the world’s largest online cryptocurrency exchange, has targeted FTX founder Sam Bankman-Fried after being accused of starting the company’s unprecedented collapse.

Binance’s Changpeng Zhao commented on the accusation by highlighting Bankman-Fried’s decision to intentionally “lie” users, investors, employees, and regulators around the world.

Chow said Friday on the episode “Varney & Co.” Asked by FOX Business’ Susan Lee if Bankman-Fried committed outright fraud, he was blamed for FTX’s downfall and alleged that the former CEO was mentally ill.

“But I don’t think we caused that [FTX’s collapse]He added, “We may be the last straw that breaks the camel’s back, but I can tweet about a different company, and they’ll be fine if the same company is fine.”

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Changpeng Zhao, CEO of Binance, told FOX Business that it wasn’t the reason for FTX’s downfall but that it might be “the straw that broke the camel’s back.” (Reuters/Darren Zmmit Luby/Reuters Photo)

In early November, the CEO of Binance signed a non-binding letter of intent to acquire FTX. However, when the company finally pulled back the curtain and revealed how “messy” the balance sheet was, Zhao pulled out of the temporary acquisition.

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“Once we found out [Bankman-Fried] In fact, he moved users’ money without revealing it, and I said he was lying to everyone. This guy is likely to be in a lot of trouble, and he will most likely be imprisoned. I don’t trust the data in the data room anymore. “The man has nothing more to lose. He’s probably in a really bad spot, and he’ll do anything to lie to get our money.”

The paintings are in each of the files Senate and House It plans to hold FTX crash hearings next month. The House Financial Services and Senate Banking Committees are planning hearings in December that will examine the shocking demise of FTX under Bankman-Fried’s leadership. Zhao was invited to speak before the committee, but said he declined.

“This thing is important, but I actually don’t know much about it. I wrote a tweet that a lot of people think is the last straw that broke the camel’s back. But we looked at the data room for a fairly short time, and we don’t have much information,” Zhao explained.

According to Zhao, Bankman-Fried vaguely pushed a “very strong narrative” that Binance was involved with the Chinese government. This accusation was quickly refuted by the CEO.

“We’ve been banned in China. We don’t have any presence in China, no ties to the Chinese Communist Party or any other government. I’m a tech geek as we just want to make a tech platform that’s turned into a financial services platform,” Zhao continued. “There is a very strong narrative pushed by Sam Bankman-Fried that Binance is a Chinese company, and a lot of people probably still have it in their heads just because my race, I am Chinese.”

The sudden collapse of FTX raised major concerns about a shadowy industry that remained largely unregulated.

“There are bad players in all industries. [Bernie] Madoff took place in the traditional, highly regulated Wall Street finance industry. So these things happen. Zhao concluded that just because there was one Madoff, it didn’t mean you closed all the others.

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FOX Business’ Megan Heaney contributed to this report

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