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Changpeng Zhao, widely known within the crypto community as CZ, a cofounder of Binance and its former CEO, who was forced to resign over the clash with the U.S. authorities, has published a tweet, revealing some interesting details about the book he has been writing.
CZ accidentally shared them as he commented on the possible connection between FTX, 3AC and the depegging of Terra’s UST stablecoin and the crash of UST and LUNA that followed in May 2022.
Yuri MolchanCZ comments on possible link between FTX and Terra crash
Zhao commented on an X post published by FTX creditor @Mbottjer. He issued a thread about the bankrupt crypto fund Three Arrows Capital (3AC) demanding $1.58 billion compensation from the defunct FTX exchange, claiming that it had liquidated its assets. The claim was made through a court, and the judge approved it.
“3AC says it only recently discovered evidence that FTX liquidated $1.53B of 3AC’s assets just two weeks before 3AC itself went into liquidation,” says the part of the thread published by @Mbottjer.
Changpeng Zhao responded to that tweet, noticing that it was an “interesting turn of events” and it was news for CZ. He then wondered if there was any connection between FTX and the collapse of the LUNA token and UST stablecoin launched by Terraform Labs. That event happened in May 2022, and it crashed the Bitcoin price along with the rest of the crypto market.
Alex DovbnyaCZ's future book's details about this
When a commentator pointed out that “the whole thing is worthy of a great documentary series,” CZ responded that he was thinking about this crash and the possible link of FTX and Sam Bankman-Fried to it when writing his book: “I was thinking about this when writing this section of the book.”
However, CZ admitted that since he had found no hard evidence of that connection, he did not want to make any speculation in the book: “I didn't want to speculate; there were rumors, but I never saw hard evidence.”
As reported earlier, CZ said that he has written a book of 114,000 words and has a draft of it printed on paper. He expects it will take him “another 3x effort” to rewrite it.
Dan Burgin
Vladislav Sopov