CZ Reveals SBF Sought Billions in Funding Amid FTX Collapse
Changpeng Zhao, commonly known as CZ, disclosed that Sam Bankman-Fried (SBF) sought billions in funding during the tumultuous period when FTX was facing collapse. This revelation came as Zhao reflected on the chaotic situation surrounding the infamous cryptocurrency exchange's downfall.
Zhao recounted that SBF's requests for financial assistance were both “indirect and wishy-washy.” He emphasized that, at the time, he had no genuine interest in acquiring FTX nor did he feel compelled to assist Bankman-Fried. Zhao noted, “I didn't have any interest in owning FTX. I also wasn't that interested in helping SBF.”
Despite his reluctance to engage directly, Zhao acknowledged that Binance was prepared to intervene if the circumstances warranted. “But we may have to step in to protect the users and the industry,” he stated, reflecting the broader concerns over the implications of FTX's potential failure on the crypto market. He made it clear that any involvement from his team was contingent on carefully reviewing the situation, saying, “I was explicit that we were not making any commitment. Our team would simply assess the numbers and then decide.”
Zhao labeled SBF's approach and handling of the situation as “a fatal mistake,” underscoring the serious repercussions of the collapse, both for FTX and the wider cryptocurrency ecosystem.
This report is for informational purposes only and is not financial advice.