Sam Bankman-Fried Blames CZ Binance for FTX’s Downfall

Sam Bankman-Fried, in a recent interview with Forbes, claimed that he got played by CZ Binance. He believes FTX fell from the top of the world because of an evil plan orchestrated by his rival Changpeng Zhao.

The crypto industry discovers more proof of Sam Bankman-Fried and/or his team’s unethical behavior every day. The creator of FTX and Alameda Research, however, claims he was not aware of any misconduct and is not to blame for the unexpected demise of his companies. But who is accountable? Sam has a certain person in mind.

Sam Bankman-Fried, the former CEO of FTX, has once more blamed Changpeng Zhao, the CEO of Binance, for the demise of his exchange in a recent interview with Forbes. Zhao, according to Bankman-Fried, planned to deliberately undermine FTX in order to stifle competition. Sam Bankman-Fried reiterated his claims that CZ was lying and said the company was ignorant of the detrimental effects this would have on the cryptocurrency market and the larger business.

The interview takes place the day before the Tuesday hearing of the Financial Services Committee of the U.S. House of Representatives. Sam Bankman-Fried declared that he would not visit the United States and would testify virtually because he is afraid of paparazzi. Shortly after the interview, SBF was arrested by American authorities on suspicion of fraud and money laundering.

CZ Binance Hits Back

On December 9, CZ spoke out against SBF, claiming that SBF had improperly used its clients’ money to spend millions on FTX promotion efforts. The multi-billion dollar loss of its clients’ cash, he claimed, was being concealed by SBF’s recent interviews.

“You don’t have to be a genius to know something doesn’t smell right at FTX. They were 1/10th our size, yet outspent us 100/1 on marketing & “partnerships,” fancy parties in the Bahamas, trips across the globe, and mansions for all of their senior staff (and his parents).”

Later, CZ said that there was never a winner in this contest and that the demise of FTX was not a victory for anyone. Even if there were no winners, there were a lot of losers. In addition to all the customers who lost money and the string of bankruptcies declared by companies exposed to FTX.