Bankman-Fried blames Binance CZ’s ‘fateful tweet’ for FTX collapse

    FTX digital currency change founder Sam Bankman-Fried (SBF) has as soon as once more come out to clarify what transpired within the run-up to the platform’s collapse alongside responding to allegations of fraud. 

    Specifically, SBF has partly laid the blame on Binance CEO Changpeng Zhao (CZ) for being the engineer behind the change’s collapse in a ‘targeted attack’ coupled with a tweet he termed ‘fateful,’ he stated in a blog post revealed on January 12. 

    “Then came CZ’s fateful tweet, following an extremely effective months-long PR campaign against FTX–and the crash. <…> But the November crash was a targeted attack on assets held by Alameda, not a broad market move,” he stated. 

    The tweet in query noticed the Binance boss announce that the change was transferring to liquate its FTT tokens, the native digital currency of FTX. Nevertheless, Zhao has maintained his innocence within the collapse, accusing SBF of not being clear in his FTX administration. 

    SBF on stealing funds

    Within the weblog put up, SBF additionally touched on different matters, reminiscent of the expansion of FTX and its sister buying and selling firm Alameda Analysis. Nevertheless, the embattled founder did not delve extra into allegations of misappropriating buyer funds.

    “I didn’t steal funds, and I certainly didn’t stash billions away. Nearly all of my assets were and still are utilizable to backstop FTX customers,” he stated. 

    He identified that the allegations of stealing prospects had been inappropriate, noting that the crypto market has witnessed different high-profile collapses as a result of marketability crunches. It’s value noting that a few of the collapsed corporations had been straight linked to FTX. 

    Compensating former FTX prospects 

    At the same time as FTX attorneys within the ongoing chapter case be aware that they’d situated about $5 billion in crypto and money for creditor compensation, Bankman-Fried added that he was prepared to channel his shares in Robinhood to reimburse prospects.  

    Notably, SBF, who has already been charged over his function within the FTX collapse, maintains that he believes the corporate may have survived if he had been left in cost. 

    He additionally promised to launch extra data on the FTX disaster stating that the weblog put up was only a begin. 

    Within the meantime, the prosecutors allege that Alameda and FTX weren’t sustainable entities however a conduit for Bankman-Fried’s fraud. 

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