'No Healthy Business Can Be Destroyed by a Tweet,' CZ Explains

Binance CEO CZ posted a series of tweets Tuesday aimed at clearing “a list of wrong narratives” related to the crypto industry, the recent FTX debacle, and Sam-Bankman-Fried. Among other things, CZ said it wasn’t his tweet that “brought down FTX” but Alameda CEO Caroline Ellison’s tweet that gave away the floor price of FTT tokens and caused panic in the markets.

CZ Says FTX “Killed Themselves” After Stealing Billions of Dollars of Customer Funds

Changpeng “CZ” Zhao, co-founder and CEO of Binance, posted a thread on Twitter today to clarify multiple popular rumors and narratives. The thread was mainly related to the collapsed FTX and its former CEO, Sam Bankman-Fried, and Alameda Research CEO, Caroline Ellison.

Firstly, CZ addressed speculations that he “wants to be the savior of crypto.” The Binance boss said the crypto world does not need saving, adding that Binance only wants to help other cash-strapped projects that are struggling in the wake of recent developments.

“Crypto doesn’t need saving. Crypto is fine. It’s the beauty of decentralization. We are just part of it. We want to help other good projects that may be in a cash crunch because of recent events. It’s in our collective best interest.”

CZ said in one of the tweets.

In the second tweet, CZ targeted speculations that FTX was destroyed by a third party, arguing the crypto exchange “killed themselves (and their users) because they stole billions of dollars of user funds. Period.” Similarly, he said Bankman-Fried was lying, responding to claims that SBF had the best intentions, but he “just made some mistakes.”

A Tweet by Alameda Research CEO Brought Down FTX, CZ Argues

In the following tweets, CZ addressed accusations that his tweet “destroyed FTX.” CZ argued that a healthy business cannot be brought down by a single tweet. However, there was one “that may have” done it, CZ added, referring to a tweet by Alameda Research CEO Caroline Ellison.

CZ said it was this tweet that triggered a massive sell-off of the FTX’s native token, FTT, which was at the center of the FTX debacle. To prove his point, CZ posted a Bloomberg article on Ellison’s tweet. The Binance CEO said Ellison gave away FTT’s floor price in that tweet.

FTX filed for bankruptcy last month after reports that the crypto exchange is not financially healthy, triggering massive customer withdrawals. Later reports showed that FTX also borrowed $10 billion in user funds to cover the liabilities of Alameda Research, a crypto trading firm founded by SBF.

This article originally appeared on The Tokenist

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.