{"id":511524,"date":"2022-11-17T17:45:44","date_gmt":"2022-11-17T14:45:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/i-knew-he-was-desperate-binance-ceo-cz-opens-up-on-sbf-relationship\/"},"modified":"2022-11-17T17:45:44","modified_gmt":"2022-11-17T14:45:44","slug":"i-knew-he-was-desperate-binance-ceo-cz-opens-up-on-sbf-relationship","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/i-knew-he-was-desperate-binance-ceo-cz-opens-up-on-sbf-relationship\/","title":{"rendered":"# \u2018I knew he was desperate\u2019 \u2014 Binance CEO CZ opens up on SBF relationship"},"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-6a3dbdaa8417c\" 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-6a3dbdaa8417c\" 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\/i-knew-he-was-desperate-binance-ceo-cz-opens-up-on-sbf-relationship\/#%E2%80%9D_%E2%80%98I_knew_he_was_desperate_%E2%80%94_Binance_CEO_CZ_opens_up_on_SBF_relationship_%E2%80%9C\" >&#8221; \u2018I knew he was desperate\u2019 \u2014 Binance CEO CZ opens up on SBF relationship &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_%E2%80%98I_knew_he_was_desperate_%E2%80%94_Binance_CEO_CZ_opens_up_on_SBF_relationship_%E2%80%9C\"><\/span>&#8221; \u2018I knew he was desperate\u2019 \u2014 Binance CEO CZ opens up on SBF relationship &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvODJhNTFiYzAtMTk0Mi00MjY1LWFjMTgtMjRhZTUxZjhmOWQ1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>Binance CEO Changpeng \u201cCZ\u201d Zhao knew Sam Bankman-Fried was in a desperate situation when the former CEO of the now-bankrupt FTX exchange called him for a bailout.<\/p>\n<p>CZ opened up on the events that nearly saw Binance come to the rescue of its ailing industry competitor as a credit crunch sent FTX into an inescapable spiral. Speaking at the Milken Institute\u2019s fourth annual Middle East and Africa summit, CZ <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/milkeninstitute.org\/video\/changpeng-zhao-binance-ceo\">reflected<\/a> on the fateful call with SBF as the latter looked to save his struggling exchange:<\/p>\n<blockquote><p>\u201cWhen he came to me, I knew he was desperate. If we can\u2019t help him, there\u2019s probably nobody else that would. Probably a bunch of people passed on the deal before us.\u201d<\/p><\/blockquote>\n<p>CZ admitted that he had intended to explore a lifeline for FTX in the interest of affected users, but due diligence carried out after signing a letter of intent quickly highlighted bigger problems than Binance had imagined. The deal was subsequently scr<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>ed.<\/p>\n<p>A couple of days later, FTX filed for Chapter 11 bankruptcy, sending shockwaves through the cryptocurrency and wider financial ecosystem. <\/p>\n<p><strong><em>Related:<\/em><\/strong> <strong><em>Sam Bankman-Fried says he regrets filing for bankruptcy: Report<\/em><\/strong><\/p>\n<p>A lot has been made of Zhao\u2019s relationship with Bankman-Fried in the industry, with rumblings of a nemesis-type relationship building in recent months. Allegations of SBF lobbying against CZ and his exchange with influential figures in Washington, D.C. were all touched on in the wide-ranging conversation in Abu Dhabi on Nov. 16.<\/p>\n<p>According to the Binance CEO, SBF had initially been a client of Binance through Alameda Research and had looked to partner with CZ\u2019s company to start a cryptocurrency exchange of his own.<\/p>\n<p>CZ described SBF as a \u201cyoung, technically capable kind of person\u201d with a \u201cdecent team,\u201d which led Binance to invest in the fledgling FTX exchange, which was founded in May 2019. The investment proved fruitful up until a certain point:<\/p>\n<blockquote><p>\u201cTheir user numbers grew, but then, once they\u2019d grown to a certain size, I just heard all kinds of rumors, all kinds of people telling me this guy is lobbying behind you in D.C., this guy is saying bad things behind you, and we were, like, \u2018This is not so good.\u2019\u201d<\/p><\/blockquote>\n<p>Binance exited its FTX investment a year and a half ago, which proved to be a fateful incident. According to CZ, part of the exit saw Binance acquire FTX Token (FTT), the same tokens that the exchange had announced it would\u00a0begin to sell on the open market after rumblings of troubles with FTX and Alameda\u2019s financials.<\/p>\n<blockquote><p>\u201cWhen he reached out to me, I thought he was going to ask for an OTC [over-the-counter] deal to buy the FTT tokens, and in this way, we\u2019d silence the noise in the market. But when he called me, he very quickly alluded that they\u2019re in big trouble, and they\u2019re looking for a buyout.\u201d<\/p><\/blockquote>\n<p>CZ also touched on a tweet from the former FTX CEO that was believed to be aimed at the Binance founder. Labeling CZ as a \u201csparring partner,\u201d SBF seemingly congratulated the Binance CEO for outplaying him during the events that transpired:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">20) At some point I might have more to say about a particular sparring partner, so to speak.<\/p>\n<p>But you know, glass houses.  So for now, all I&#8217;ll say is:<\/p>\n<p>well played; you won.<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1590709197502812160?ref_src=twsrc%5Etfw\">November 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>CZ reacted by saying that \u201conly a psychopath can write that tweet\u201d and that he never viewed other exchanges as direct competitors due to the nascent stage of the cryptocurrency market and its minuscule share of the overall financial markets:\u00a0<\/p>\n<blockquote><p>\u201cNumber one, he never told me I was his sparring partner. I\u2019m actually not sure if that tweet was aimed at me or us (Binance). We never view other exchanges as sparring partners or competition \u2014 it\u2019s not a boxing match.\u201d<\/p><\/blockquote>\n<p>As more revelations continue to surface about the monumental collapse of FTX, its misappropriation of user funds and dodgy dealings, CZ alleged that Bankman-Fried had continued to look for ways to withdraw funds through various blockchain avenues. <\/p>\n<blockquote><p>\u201cThat day, when he tweeted that, he should have been working on other things. He should not be writing tweets. In one of the messages I sent him in an industry group, I said \u2018Honest advice Sam, stop doing whatever you\u2019re doing, don\u2019t do anything more, put on a suit and go back to D.C. and start to answer questions.\u2019\u201d<\/p><\/blockquote>\n<p>The Binance founder also addressed questions around his influential <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1589374530413215744?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1589374530413215744%7Ctwgr%5E226218aae3b0d06376ebc0a0b6f0790c5c620ec7%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbinance-to-liquidate-its-entire-ftx-token-holdings-after-recent-revelations\">tweet<\/a>, signaling Binance\u2019s intent to sell its FTT tokens, which coincided with an insurmountable amount of withdrawal requests on FTX\u2019s platform.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won&#8217;t pretend to make love after divorce. We are not against anyone. But we won&#8217;t support people who lobby against other industry players behind their backs. Onwards.<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1589374530413215744?ref_src=twsrc%5Etfw\">November 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A number of blockchain analytics firms and individuals in the industry had flagged the movement, which sparked debate across the cryptocurrency ecosystem. CZ maintained that Binance had been transparent in its actions and had not manipulated markets:<\/p>\n<blockquote><p>\u201cThen our team asked me, should we say, \u2018Look, that is our transaction,\u2019 and I said, yeah \u2018Why not,\u2019 we want to be transparent. How could you manipulate the market if you\u2019re transparent about your actions? We did not lie, we did not deceive.\u201d<\/p><\/blockquote>\n<p>As FTX enters bankruptcy proceedings, its new\u00a0CEO and chief restructuring officer, John Ray III, has moved\u00a0to distance the company from Bankman-Fried. This comes after the former CEO has continued to make public comments on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> and in\u00a0interviews\u00a0about the evolving situation.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/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>\n<\/p><\/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\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/i-knew-he-was-desperate-binance-ceo-cz-opens-up-on-sbf-relationship\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; \u2018I knew he was desperate\u2019 \u2014 Binance CEO CZ opens up on SBF relationship &#8220; Binance CEO Changpeng \u201cCZ\u201d Zhao knew Sam Bankman-Fried was in a desperate situation when the former CEO of the now-bankrupt FTX exchange called him for a bailout. CZ opened up on the events that nearly saw Binance come to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvODJhNTFiYzAtMTk0Mi00MjY1LWFjMTgtMjRhZTUxZjhmOWQ1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,77672,135234,127241,89897,74355],"class_list":["post-511524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-changpeng-zhao","tag-ftx","tag-ftx-token","tag-sam-bankman-fried","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511524","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=511524"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511525"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}