{"id":511446,"date":"2022-11-17T17:45:17","date_gmt":"2022-11-17T14:45:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-ceo-changpeng-zhao-slams-ftx-boss-sam-bankman-fried\/"},"modified":"2022-11-17T17:45:17","modified_gmt":"2022-11-17T14:45:17","slug":"binance-ceo-changpeng-zhao-slams-ftx-boss-sam-bankman-fried","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-ceo-changpeng-zhao-slams-ftx-boss-sam-bankman-fried\/","title":{"rendered":"#Binance CEO Changpeng Zhao slams FTX boss Sam Bankman-Fried"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a409657972df\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a409657972df\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-ceo-changpeng-zhao-slams-ftx-boss-sam-bankman-fried\/#%E2%80%9CBinance_CEO_Changpeng_Zhao_slams_FTX_boss_Sam_Bankman-Fried%E2%80%9D\" >&#8220;Binance CEO Changpeng Zhao slams FTX boss Sam Bankman-Fried&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CBinance_CEO_Changpeng_Zhao_slams_FTX_boss_Sam_Bankman-Fried%E2%80%9D\"><\/span>&#8220;Binance CEO Changpeng Zhao slams FTX boss Sam Bankman-Fried&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Binance CEO Changpeng Zhao, a key player in the dramatic collapse of rival cryptocurrency exchange FTX, called Sam Bankman-Fried a \u201cliar\u201d who had knowingly mis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriated customers\u2019 money.<\/p>\n<p>\u201cSam knows that he was using the user funds to do trading for Alameda,\u201d Zhao said, referring to FTX\u2019s sister analytics firm that was run by Bankman-Fried\u2019s on-again, off-again girlfriend Caroline Ellison.<\/p>\n<p>\u201cHe has been probably doing this for quite a while and nobody else knew until very recently,\u201d Zhao said.<\/p>\n<p>\u201cI\u2019m just shocked,\u201d he added. \u201cI didn\u2019t know that he lied to everyone a week ago.\u201d<\/p>\n<p>Zhao said that while he supports tighter regulations over the crypto industry, it is unlikely more oversight they would have prevented FTX\u2019s collapse.<\/p>\n<p>\u201cWhen a person lies, when there is a bad player that just wants to do bad things, regulations do not prevent it,\u201d he said. \u201cBanning guns doesn\u2019t mean no one will take a gun and shoot somebody.\u201d<\/p>\n<p>Zhao\u2019s company was in talks to buy out FTX but then pulled out and sold its holdings in FTT, the digital asset created by FTX, sparking a $6 billion run on the crypto exchange in which customers frantically sought to pull their deposits.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-61-2.jpg?w=1024\" alt=\"Sam Bankman-Fried\" class=\"wp-image-24687686\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-61-2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-61-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-61-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sam Bankman-Fried is the founder of FTX, the cryptocurrency exchange once worth tens of billions. The firm recently filed for bankruptcy.<\/figcaption><figcaption><span class=\"credit\">CQ-Roll Call, Inc via Getty Imag<\/span><\/figcaption><\/figure>\n<p>Now Bankman-Fried finds himself in hot water after it was discovered that FTX was using customer deposits to make risky bets using sister investment firm Alameda Research.<\/p>\n<p>Zhao \u2014 known as \u201cCZ\u201d in crypto circles \u2014 said that when his company looked at FTX\u2019s books, it was apparent there was a problem.<\/p>\n<p>\u201cIt was pretty clear pretty soon that there was a misappropriation of user funds,\u201d Zhao <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/11\/17\/binance-ceo-slams-samuel-bankman-frieds-erratic-behavior.html\">told CNBC\u2019s Squawk Box on Thursday.<\/a> \u201cThe user funds were gone.\u201d<\/p>\n<p>\u201cIt was clear that [Bankman-Fried] lied to his users, his investors, his VC investors, his employees,\u201d Zhao said. \u201cAt that point, we couldn\u2019t trust the data anymore and it was hard for us to do our due diligence, so we didn\u2019t go very far.\u201d<\/p>\n<p>\u201cWe are very concerned about anyone using the tokens they create for leverage, as a collateral,\u201d Zhao added. \u201cAt Binance, we don\u2019t do that.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Changpeng-Zhao-99-1.jpg?w=1024\" alt=\"Changpeng Zhao\" class=\"wp-image-24687105\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Changpeng-Zhao-99-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Changpeng-Zhao-99-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Changpeng-Zhao-99-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Zhao said that unlike Bankman-Fried\u2019s FTX, Binance would never use customer assets to fund the company\u2019s operations.<\/figcaption><figcaption><span class=\"credit\">Sportsfile for Web Summit via Ge<\/span><\/figcaption><\/figure>\n<p>Like FTX, Binance also has an in-house digital token called BNB. But Zhao insisted to CNBC that BNB has never been used as collateral and that his firm is operating at a profit with significant cash reserves on hand \u2014 unlike his bankrupt competitor FTX.<\/p>\n<p>\u201cBinance has never used BNB for collateral, and we have never taken on debt,\u201d Zhao said.<\/p>\n<p>Bankman-Fried, meanwhile, tweeted late on Wednesday night that his company \u201cgot overconfident and careless.\u201d<\/p>\n<p>\u201cOnce upon a time\u2013a month ago\u2013FTX was a valuable enterprise,\u201d Bankman-Fried tweeted on Wednesday. \u201cFTX had ~$10-15b of daily volume, and roughly $1b of annual revenue. $40b of equity value.\u201d<\/p>\n<p>He added: \u201cAnd we were held as paragons of running an effective company.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-82.jpg?w=1024\" alt=\"Binance logo\" class=\"wp-image-24687101\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-82.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-82.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-82.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Zhao said Binance does not use its own in-house digital asset, BNB, as collateral.<\/figcaption><figcaption><span class=\"credit\">SOPA Images\/LightRocket via Gett<\/span><\/figcaption><\/figure>\n<p>\u201cAs it turned out, I was wrong: leverage wasn\u2019t ~$5b, it was ~$13b,\u201d according to Bankman-Fried. \u201c$13b leverage, total run on the bank, total collapse in asset value, all at once.\u201d<\/p>\n<p>Bankman-Fried wrote: \u201cIt sucks. I\u2019m really sorry that things ended up as they did. And as I said \u2014 I\u2019m going to do everything I can to make it more right.\u201d<\/p>\n<p>Bankman-Fried <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.vox.com\/future-perfect\/23462333\/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy\">told the news site Vox<\/a> on Wednesday that his biggest regret was throwing FTX into Chapter 11. He also dismissed suggestions that tighter regulation would have prevented his company\u2019s collapse.<\/p>\n<p>\u201cF\u2013k regulators,\u201d he said. \u201cThey make everything worse. They don\u2019t protect customers at all.\u201d<\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/17\/binance-ceo-changpeng-zhao-slams-ftx-boss-sam-bankman-fried\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Binance CEO Changpeng Zhao slams FTX boss Sam Bankman-Fried&#8221; Binance CEO Changpeng Zhao, a key player in the dramatic collapse of rival cryptocurrency exchange FTX, called Sam Bankman-Fried a \u201cliar\u201d who had knowingly misappropriated customers\u2019 money. \u201cSam knows that he was using the user funds to do trading for Alameda,\u201d Zhao said, referring to FTX\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/newspress-collage-24686892-1668696176200.jpg?quality=75&strip=all&1668678278&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,135234,89897,135705,76127],"class_list":["post-511446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-ftx","tag-sam-bankman-fried","tag-11-17-22","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511446"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511447"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}