Binance CEO says “SBF had good intentions, but just made some mistakes”

On Dec 7, 2022

The chief executive officer of the Binance crypto exchange shared his opinion about the character of bankrupt FTX exchange founder SBF.

FTX was a popular crypto exchange but collapsed badly with some controversy with the Binance exchange over the sale of FTX tokens (FTT). Indeed FTX team failed to reserve the user’s funds and transferred them to its sister company Alameda Research. On 12 November, FTX filed for bankruptcy under chapter 11 in a US bankruptcy court with more than 100s of its affiliated companies.

On 6 December, Changpeng Zhao (CZ), CEO of Binance crypto exchange, took to Twitter to share his opinion on the thinking of people over what Sam Bankman-Fried (SBF), founder & former CEO of FTX exchange did with 50 million users.

First of all, Zhao cleared that decision of the Binance exchange to sell FTT or his tweets over the sale of FTT were not responsible for the downfall of the FTX exchange because the healthy business doesn’t face problems because of any tweet.

Zhao noted that a tweet from Caroline Ellison, former CEO of Alameda Research, played an important role in dumping the price of FTT.

4. “CZ’s tweet destroyed FTX”

No healthy business can be destroyed by a tweet.

However, there was a tweet that may have, Caroline’s tweet 16 minutes after mine on Nov 6. Data shows it was the real cause for people to dump FTT:https://t.co/yWFqKvbqMU
— CZ 🔶 Binance (@cz_binance) December 6, 2022

Elon Musk’s SpaceX uses crypto stablecoins to…

Dec 22, 2024

Bitcoin crashes again below the $96k level, analyst…

Dec 22, 2024

Bullish sentiments for Shiba Inu ($SHIB) token rise…

Dec 21, 2024

Binance CEO confirmed that the intention of SBF was not bad but he made huge mistakes, which further caused the collapse of the FTX platform badly.

In terms of media appearance & changing leading key opinions, Zhao believes that SBF was one of the biggest fraudsters in the history

“SBF perpetuated a narrative painting me and other people as the “bad guys”. It was critical in maintaining the fantasy that he was a “hero.” SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to the media and key opinion leaders,” Zhao said.

Zhao also replied to all those people who alleged that CZ wants to appear as the hero & saviour of the crypto market in this situation.

On such people, Zhao said that Crypto is already fine and it doesn’t need any saviour but as a participant in this sector it is our responsibility to help each other to bring a better ecosystem in this sector.