The downfall of one of the world’s most prominent cryptocurrency exchange platforms dominated the news last week. Speaking out in a quote originally shared by Cointelegraph, Binance CEO Changpeng Zhao believes that former FTX CEO Sam Bankman-Fried lied to everyone.
It was a crash, unlike anything the cryptocurrency market had ever seen before. And amidst FTX filing for bankruptcy protection, a disgraced executive is now on the outs. One other prominent name in the cryptocurrency world is speaking out about SBF’s actions.
Changpeng Zhao calls out SBF
Taking place on Twitter Spaces, Cointelegraph reported that the Binance CEO had some harrowing beliefs about FTX’s downfall. Zhao stated, “I think SBF lied to his employees, shareholders, regulators, and users.”
The statement comes amidst a tragic and historic deterioration of the cryptocurrency trading platform. One of the most well-known and well-respected is now without its beloved CEO and filing for bankruptcy. Moreover, this is all occurring after news broke that the platform had been utilizing customer assets to fund risky bets by their sister platform, Alameda Research.
It is the belief of the Binance CEO that Bankman-Fried lied to everyone involved with the platform about what was truly going on. This is a grim perspective that could spell utter disaster for the former cryptocurrency mogul.
The devastating downfall of FTX sparked a surge of transparency measures from others. Subsequently, proof-of-reserves is now being executed by many of the top cryptocurrency trading firms in the industry. This is also a measure that is vital to restoring the currency’s confidence with consumers amidst Bankman-Fried’s actions.
Just last week saw the CEO’s resignation amidst the bankruptcy fillings. Conversely, it could be seen as a sign that Chanpeng Zhao is accurate in his assessment of Bankman-Fried’s actions within the company.