Binance CEO Changpeng Zhao: SBT ‘Clearly’ Lied to FTX Users

The story of FTX’s collapse has been present in the crypto space for a while. There’s been a terrible aftermath, and following the tragic event, trust in the crypto space has been shattered. There are a lot of important names in the crypto space that has addressed the issue, and now, Binance’s CZ also has something to say about it.

According to the latest reports, it’s been revealed that the Binance CEO Changpeng Zhao is unveiling more details about the call he had with Sam Bankman-Fried as the FTX founder scrambled to rescue his ailing crypto exchange.

In a new CNBC interview, Changpeng Zhao says that he received a call from Bankman-Fried within 48 hours after tweeting his firm’s plans to liquidate its FTT holdings.

“At the beginning, I thought he just wanted to do an OTC (over-the-counter) deal to buy out the FTT tokens we had. And then he actually wanted a buyout of the entire firm, of the entire FTX platform. We got a team on it. It was pretty clear pretty soon that there’s a misappropriation of user funds. The user funds are gone.”

He continued and said the following:

“At that point, it’s clearly that he lied to his users, his investors, his VC (venture capital investors), his employees. At that point, whatever data that’s in the data room, we couldn’t trust anymore. It was quite hard for us to do that due diligence. We didn’t go very far.”

The Binance executive also says that it is very likely that only Bankman-Fried’s inner circle knew about what was really happening in FTX. Check out the original article shared by the Daily Hodl in order to learn what more CZ had to say about all this. Stay tuned for more news, and make sure to keep an eye on the crypto market as well.