Binance CEO takes swipe at Sam Bankman-Fried
Created By Fintech Team
Perhaps it's a final blow, but Binance CEO Changpeng Zhou just couldn't help but take a shot at the fallen FTX
That alludes to the part CZ, a cryptocurrency tycoon, played in FTX's collapse.
When he announced that he would sell the exchange's supporting FTT tokens, he set the stage for FTX's destruction
Due to this, FTX customers fled, the token fell, and Binance made a hasty move to save FTX.
Given that John Ray disclosed the absence of even the most basic controls at FTX in his bankruptcy court declaration.
Binance's hasty due diligence efforts are now easier to understand..
According to Ray, the balances of cryptocurrencies placed by customers were not listed as assets on the balance sheet.
The recovery team has so far identified $564 million in cash and $740 million in cryptocurrency stored in cold wallets.
But it's unclear whether they will be able to ascertain how the crypto was distributed.