Cryptocurrency billionaire CZ calls former FTX CEO the greatest fraudster in history and a ‘master of media manipulation’

The CEO of the world’s largest cryptocurrency exchange, Binance, saw his main rival almost evaporate in just a few weeks this past November. The crash of FTX also caused trading on Binance’s platform to skyrocket by 30%.

FTX, formerly the world’s second cryptocurrency exchange, filed for bankruptcy in November when it became insolvent and was forced to stop customer withdrawals. FTX founder Sam Bankman-Fried has also been accused of using client funds to support his Alameda Research business.

On December 6, CZ criticized SBF on Twitter: “SBF is one of the greatest scammers in history, he is also a master of media manipulation. He maintained his portrayal of me and others as ‘bad guys’ and, importantly, perpetuated the illusion that he was a ‘hero’.”

Earlier, at the New York Times DealBook Conference, SBF denied the allegation of intentional fraud. “I never intended to deceive people. I was excited about the prospect of FTX a month ago. I see this as a thriving and growing business. I am also very shocked by what has happened in the past month. If I could rebuild the company, I wish I had done it differently,” Bankman-Fried shared.

CZ protested, calling them “false stories”. He suggested that the SBF was simply trying to avoid jail time by stating in several interviews that the failure of the FTX was merely the result of bad luck and outside attacks.

“No healthy business can be destroyed by a single tweet,” wrote CZ.

The cryptocurrency billionaire added that the media also painted SBF in the wrong way, calling him a man with “good intentions” but “just made some mistakes”.

“Lying never has a good purpose,” he wrote.

Prosecutors have yet to charge SBF with any crime but some experts say it is only a matter of time.

Thomas P. Vartanian, Executive Director of the nonprofit Center for Cybersecurity and Financial Technology, also called the FTX bankruptcy “quite devastating.”

Talking about the rivalry between CEO Binance and SBF, CZ said: “We don’t focus on competitors. It’s a waste of time and resources when this industry only reaches 6% of the population. We want multiple exchanges, multiple blockchains, etc. to coexist in the ecosystem.”

Reference: Fortune