Main navigation

FTX CEO Accuses Competitor of False Rumors, Addressing Binance CEO

Mon, 11/07/2022 - 13:37
article image
Gamza Khanzadaev
Sam Bankman-Fried denies Alameda insolvency and hints that Binance is spreading false rumors
FTX CEO Accuses Competitor of False Rumors, Addressing Binance CEO
Cover image via
Read U.TODAY on
Google News

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.

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.

Here's What's Happening with FTX and Why It Is Selling Millions Worth of Stablecoins


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.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.