Sam Bankman-Fried Blames CZ for the FTX Collapse, Twitter Reacts to His Arrest

Bankman-Fried has blamed the collapse of his FTX exchange to a well-orchestrated plan carried out by CZ.

As more evidence behind the collapse of FTX makes it to light, Sam Bankman-Fried, the founder of the beleaguered crypto exchange, has accused Binance‘s Changpeng Zhao of being behind its demise.

Bankman-Fried Accuses CZ of Killing FTX 

In his latest interview with Forbes, the former CEO of FTX blamed CZ for playing him. While he believes CZ is behind FTX’s demise, SBF said CZ knew his action was “going to be damaging but not this damaging.”

SBF was referring to Binance’s offer to buy FTX during its struggle. In retrospect, he doesn’t think the offer was legitimate because CZ “cared surprisingly little about the terms.” He also blamed FTX’s failure on bad legal advice.

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Following the $32 billion collapse of Bankman-Fried’s empire, the two have been at loggerheads. Just days back, SBF accused CZ on Twitter of manipulating public opinion after the Binance boss called him a fraudster.

Crypto Twitter Reacts to Bankman-Fried’s Arrest 

Just a day before SBF’s hearing in front of the U.S. House of Representatives Committee on Financial Services, the former FTX CEO has reportedly been arrested for financial offenses against laws in the U.S. and the Bahamas.

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Senator Cynthia Lummis and Democratic Representative Alexandria Ocasio-Cortez have expressed their excitement about his arrest, sentiments shared by the crypto community. Benjamin Cowen even wrote a poem for SBF.

On the Flipside

  • Hours before his arrest by Bahamian police, Sam Bankman-Fried took to Twitter to deny his involvement or knowledge of a secret group chat named Wirefraud.

Why You Should Care

Sam Bankman-Fried’s arrest means he can now defend his ‘innocence’ in court against the mountain of charges levied against him.

Claims of SBF’s involvement in the Terra collapse are covered below:
“Master Manipulator” – Sam Bankman-Fried Linked with Terra-Luna Collapse?

Get more details on SBF’s FTX hearing in:
Bankman-Fried ‘Not Sure’ if he Will Appear at FTX Hearing in Washington

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

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news 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). Location: Skopje, Macedonia