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FTX CEO Accuses Competitor Of False Rumors, Addressing Binance CEO

7 Nov, 20222 min readOther
FTX CEO Accuses Competitor Of False Rumors, Addressing Binance CEO

The head of FTX, Sam Bankman-Fried, responded to Binance CEO Changpeng Zhao a day after news of Binance's $2.1 billion sale of FTT.

SBF stated that FTX and the exchange's assets are fine. Moreover, the entrepreneur said, FTX does not invest customer funds, has sufficient reserves and does not suspend withdrawals from the exchange. The last point is related to growing concerns that emerged this morning, when some users had problems with withdrawals from FTX.

1) A competitor is trying to go after us with false rumors.FTX is fine. Assets are fine.Details:— SBF (@SBF_FTX) November 7, 2022

In addition, the head of FTX said that the exchange has been strictly regulated since it passed GAAP audits proving it has more than a billion dollars in excess cash. At the end of his address, Bankman-Fried spoke directly to Changpeng Zhao, saying he would be happy to work together for the good of the crypto ecosystem.

CZ v. SBF

Changpeng Zhao posted a series of tweets yesterday evening in which he wrote that Binance had received $2.1 billion in BUSD and FTT as part of its exit strategy from FTX investments, and due to Sam Bankman-Fried's unethical actions he is planning to sell its $600 million bag of FTT tokens within one or two months on the open market.

Alameda Research's new head Caroline Ellison has publicly tweeted to CZ to sell all FTT tokens at $22 to reduce the market impact on the FTX exchange's native token price.

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