Changpeng Zhao, the CEO of Binance, stated in a Twitter thread on Tuesday that he had no intention of fighting with Sam Bankman-Fried (SBF), the CEO of FTX, despite the fact that some users withdrew from FTX after Zhao’s surprise sale announcement after CZ’s tweet announcing the liquidation of the FTT token from the world’s largest cryptocurrency exchange.
I was out with friends yesterday when the topic of whale alerts came up. Following our principles, I decided to be transparent. So I wrote a thread in 5 mins, and posted it. Little did I know it was going to be “the straw that broke the camel’s back.” 1/4
— CZ 🔶 Binance (@cz_binance) November 7, 2022
“Little did I know it was going to be “the straw that broke the camel’s back.”
Due to “recent revelations,” Zhao stated on Monday that Binance would eliminate all FTT tokens from its books. He then retweeted a post that showed that nearly 23 million FTT tokens had been transferred to the Binance exchange.
A balance sheet for FTX’s sister company Almeda Research was made public by the cryptocurrency media source CoinDesk last week, raising the possibility that SBF’s empire has liquidity and insolvency problems.
Funny memes, media & some people tried to color this as a “fight.” Sorry to disappoint, but I spend my energy building, not fighting. Today I spent my day on our business & our community. I suggest others do the same. Back to building. 4/4
— CZ 🔶 Binance (@cz_binance) November 7, 2022
On Monday, there was a rush of withdrawals from FTX. According to crypto data analytics company Nansen, over US$451 million worth of cryptocurrency deposits have left the exchange in the last seven days. Twitter user complaints about sluggish withdrawals were documented on FTX Monday.
SBF assured in a Monday tweet:
https://twitter.com/SBF_FTX/status/1589598284322328579?t=ZPMEuj6FQSJ2v5vHk475Pg&s=19
According to Larry Cermak, vice president of research at The Block, the difficult issue is that it’s always wise to withdraw, even if you think the rumors are like 1% likely to be true. According to Cermak, the likelihood of FTX going bankrupt is “near 0%.”
