Sam Bankman-Fried to Binance CEO: ‘You win, stop lying’

Binance CEO Changpeng Zhao (CZ) and former FTX head Sam Bankman-Fried (SBF) traded barbs via Twitter on Friday as they each questioned the true nature of their private business dealings.

During the exchange, Bankman-Fried asked CZ why he was “lying” about their situation, since he had already “won” after the bankruptcy.

CZ story

cz seem Referring to Kevin O’Leary’s recent comments about the FTX fallout.

In his interview with CNBC, the Shark Tank star suggested that FTX spent a lot of its money trying to buy back its shares from Binance due to the latter’s “opaque” ownership. He also refrained from accusing Bankman-Fried of fraud, as he did Repeatedly Since the bankruptcy of FTX.

O’Leary was paid $15 million to promote the FTX brand in August 2021, and was one of the first investors in the company. CZ believes this has something to do with why it seems to be running the defenses of FTX and SBF – even after the stock market crash.

“Unlike Kevin O’Leary, we continue to do our due diligence even after we’ve made an investment,” says CZ. “As an early investor in FTX, we have become increasingly uncomfortable with Alameda/SBF and began the exit process over 1.5 years ago.”

According to CZ, Binance began exiting its equity position in July 2021 due to concerns about the practices of SBF and Alameda. This, according to the Binance CEO, led Bankman-Fried to launch several “dysfunctional” barbs against members of the Binance team, with the former billionaire threatening to “go to great lengths” to punish Binance. “We still have these text messages,” said CZ.

This apparently prompted FTX to launch a crowd investment campaign among “friends in high places,” including the media, politicians, and celebrities such as Kevin O’Leary to sway public opinion in favor of FTX and against its opponents.

In early November, CZ implicit That FTX lobbied against other players in the crypto industry in Congress. Later that month, Congressman Tom Emmer said he had received reports about the SBF conspire With the Securities and Exchange Commission to create a regulatory monopoly for FTX in the exchange industry.

“You don’t have to be a genius to know something doesn’t smell on FTX,” CZ continued. “They were 1/10th the size of us, but spent 1/100th on marketing and ‘partnerships’, fancy parties in the Bahamas, travel around the world and mansions for all their senior staff.”

cz splurge In June, his company was particularly frugal during the cryptocurrency bull market of 2021, and had developed a large “war chest” compared to other, more profligate competitors.

SBF story

Unlike CZ, Bankman-Fried allegedly that his company has begun talks to buy Binance’s stake in FTX, echoing his words to Kevin O’Leary on the matter.

He also argued that Binance never had the right to withdraw as an investor unless FTX voluntarily opted for the acquisition.

But again, none of this is necessary. I won. Why are you lying about this now? ” Asked.

Czechoslovakia disputed the SBF’s framing of their dealings as a “competition” or “battle”, claiming that “nobody won” as a result.

Sam Bankman-Fried Post to Binance CEO: “You Win, Stop Lying” appeared first on CryptoPotato.

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