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CZ Terms SBF The Greatest Fraudsters Of All Time

The CEO of Binance has referred to Sam Bankman-Fried as "one of the greatest crooks in the history of the world."

Photo by Martin Zaenkert / Unsplash

The CEO of Binance has referred to Sam Bankman-Fried as "one of the greatest crooks in the history of the world."

After the failure of Sam Bankman-FTX Fried's cryptocurrency exchange, which left more than a million debtors without their money, the CEO of Binance, Changpeng "CZ" Zhao, referred (1) to Bankman-Fried as

"one of the greatest fraudsters in history."

CZ revealed this in a sequence of tweets where he offered his thoughts on some of the tales surrounding the unexpected implosion one month ago.

"He is also a master manipulator regarding media and major opinion leaders," CZ remarked.

Among these are charges that CZ "destroyed" FTX when he tweeted on November 6 that he would liquidate Binance's holdings of the native token of a competing exchange called FTT. CZ has refuted these claims.

"A healthy corporation cannot be brought to its knees by a tweet. On November 6, 16 minutes after I sent out my tweet, Caroline sent out hers, and it's possible that it included the answer." Data reveals it was the real cause for people to abandon FTT," he added, referring to a Twitter post from Caroline Ellison, the former CEO of FTX's sibling trading firm, Alameda Research. Ellison was the person who led the firm before Alameda Research acquired FTX.

Other CEOs Have Similar Views

Other CEOs of cryptocurrency exchanges have also voiced their disapproval of Bankman-Fried and criticized the response to the collapse of FTX, claiming, among other things, that the media has shown too much compassion for the disgraced former executive.

Last week, following Bankman-appearance Fried's on a Twitter space, Kraken CEO Jesse Powell called out Bankman-Fried, stating he was "totally full of shit about how margin trading works." Powell's comments were in response to Bankman-tweet. Fried's

"He is claiming that the entire exchange functioned according to a net account equity model and that anyone may borrow anything from customer money or from nothing at all," Powell stated that that is not how things should be operating.

The next day, he said that he didn't think Bankman-Fried intentionally intended to damage anyone in any way.

"I believe that he simply did not care or that he was wildly overconfident. Regardless, it is of no consequence. The fact that he was aware he was gambling with his customers' money is what really matters," he claimed.

On the other hand, the Chief Executive Officer of Coinbase, Brian Armstrong, stated that he finds it "baffling" that Bankman-Fried is not already in custody. During the a16z Crypto Founders Summit, he shared his thoughts on the topic.

Armstrong has supported his claim that there needs to be more regulatory clarity for exchanges by citing the example of FTX as supporting evidence.

In November, he published an opinion piece for CNBC in which he stated that "Crypto regulation in the United States has been difficult to traverse" and that "regulators have so far failed to establish a functional framework for how these services may be supplied in a secure, transparent way."