FTX Founder SBF Threatens Binance CEO CZ To Dump BNB If They Dump FTT
This Sunday, the CEO of Binance, Changpeng CZ Zhao, launched a surprising roundhouse at competitor exchange FTX, stating that his exchange would sell its FTT assets. This is the coin that FTX consumers can utilize to get privileges and incentives on the site, but its trading cost also functions like a proxy for FTX’s overall prospects.
CZ added that Binance’s move to liquidate the tokens was simply a question of prudence, referring to a disclosed balance sheet that revealed FTX’s sister business, Alameda Research, holding a big position in FTT. CZ tweeted that following the LUNA, liquidating their FTT is merely post-exit crisis management, and he also referred to the famed algorithmic stablecoins that collapsed last spring.
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
— CZ ? Binance (@cz_binance) November 6, 2022
SBF Alarms to Throw all BNB in the Market
If you intend to play this game, SBF says it is fine. He warns him that you have no idea how many BNBs his company owns. You can only imagine the outcomes if he throws it all into the market right now. He claims that he has always respected him but that it is time to part ways.
Oh okay, you want to play this game?
Do you know how many BNB we have? What happens if we throw it all in the market now?
I've always respected you CZ, but it's time to end it.https://t.co/dTwhlvyfWk
— SBF ☁️ (@SBF_ucker) November 6, 2022
The disclosed balance sheet, which FTX CEO Sam Bankman-Fried claims only represents a percentage of Alameda’s overall assets, adds to critics’ asserts that there’s an improper overlap between Sam’s trading business and his crypto exchange. However, as CZ has said, there is certainly more to Binance’s choice to sell out FTT tokens.
Related: FTX Risks a 30% Decline in Token Price
They have previously provided assistance, but they would not pretend to have this love after getting divorced. They are not hostile to anyone. However, they will not assist persons that push against other players in the industry behind their backs. CZ stated, referring to Sam’s recent announcements for additional cryptocurrency regulation. Sam Bankman-Fried is also among the largest campaign funders in US politics.
SBF and CZ Racing to Demonstrate Washington D.C
Binance exploded onto the stage in 2017 and quickly became the industry’s big dog, dwarfing all competitors. However, CZ is plainly concerned that the rising star FTX, which has also had a spectacular ascent, offers a strategic danger, in part due to Sam’s inner channel with US officials. Both SBF and CZ constructed their business empires offshore, out of the spectrum of authorities, and are now racing to demonstrate their success to Washington.
It is too early to tell how all these things will work in the future, but it’s evident that last weekend’s CZ Zhao and SBF clash was only the first fight in what’s slowly building to be a broader struggle between crypto’s two most powerful giants.
