Binance CSO: SBF Loved Spreading Rumors About CZ
- Binance and FTX competed fiercely for control of the market.
Binance chief strategy officer Patrick Hillmann claims that former FTX CEO Sam Bankman-Fried used Twitter and other platforms to disseminate “fake rumors” about Changpeng CZ Zhao, the CEO of Binance.
Hillmann accused Bankman-Fried of using his influence to spread fake rumors about CZ and branding him as an “evil Chinese” Despite having financial ties, SBF and CZ’s public relationship was frequently hostile prior to and after FTX’s bankruptcy filing in November 2022.
Hillman remarked that “Sam denigrating CZ was the norm for us. Had nothing to do with deciding to sell the worthless FTT on the company’s books.” FTX’s scandal was allegedly sparked by CZ’s tweet in November, where he announced that the exchange might sell its holdings in FTT tokens.
Later, news emerged that Binance had considered acquiring the rival exchange. However, the deal fell through, and FTX filed for Chapter 11 bankruptcy. Bankman-Fried and CZ later traded shots on social media, with CZ branding SBF a “fraudster” and the former FTX CEO claiming Zhao lied about the acquisition negotiations.
Reacting to FTX’s downfall, Zhao tweeted that “FTX killed themselves (and their users) because they stole billions of dollars of user funds. Period.” He also dismissed claims that the rival exchange fell because of his tweets, writing that “no healthy business can be destroyed by a tweet.”
Zhao still serves as CEO of Binance while Bankman-Fried is being held on bail with restricted Internet access and is facing 13 federal accusations, including ones for wire fraud and bribery.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
