Changpeng Zhao Says He’s Not in a Fight with FTX, Declines Alameda’s Offer

Changpeng Zhao Says He's not in a Fight with FTX, Declines Alameda's Offer

Changpeng Zhao, the CEO and founder of Binance, announced that his company was preparing to liquidate its FTX Token (FTT) holdings, but has denied he is in a fight with Sam Bankman-Fried, the founder of FTX.

CZ Doesn’t Want a Fight

The cryptocurrency market took a downturn after a strong in the first weekend of November, following the drama that ensued from the comments of CZ. FTX Token (FTT) took one of the biggest losses, plunging more than 32%.

The 48-hour price chart for FTX Token (FTT). Source: CoinMarketCap

With the comments of CZ causing a wave of insolvency speculations of Sam Bankman-Fried’s FTX and Alameda, many have suggested that Binance could be going after FTX, a competing crypto exchange.

In addressing the speculations, the founder of Binance took to Twitter to debunk rumors of a fight. In reacting to the allegations, he wrote

"sorry to disappoint, but I spend my energy building, not fighting.”

CZ Declines Alameda’s Offer

Shortly after CZ made the announcement on Sunday, November 6th, Caroline Ellison, the CEO of Alameda Research, announced that her company would be happy to buy back the FTT stake held by Binance.

CZ has declined the offer, however, stating that his company would rather stick with the free market. Binance could also maintain its original stance of selling the FTT it holds over several months.

On the Flipside

  • CZ’s approach to the issue has drawn criticism on his role in fueling the FUD narratives around FTX insolvency and framing the competing FTX as being against crypto.

Why You Should Care

The FUD and narrative being spread about FTX and Alameda Research have taken a toll on SBF’s companies, as well as the entire crypto industry.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).