CandleFocus Changpeng Zhao ‘CZ’ reflects on FTX collapse anniversary
2024-11-09
Author: Content Editor
Former Binance CEO Changpeng Zhao, also known as CZ, reflected on the second anniversary of the FTX collapse, stating that it felt like it happened two decades ago. FTX, once the world's second-largest crypto exchange, went bankrupt due to a liquidity crunch, and its founder, Sam Bankman-Fried, is facing criminal charges and accusations of causing widespread user losses. Binance had initially shown interest in acquiring FTX but later withdrew due to concerns about its financial health. Bankman-Fried misused customer funds, leading to fraud charges and a 25-year jail term. Zhao, on the other hand, faced legal issues related to compliance rather than fraud. He resigned as Binance CEO and served a four-month prison sentence in the US. Zhao emphasized that he should not be compared to Bankman-Fried, as their cases were different. Zhao has no plans to return as Binance CEO, even though he has the power to request information on the company's operations as the largest shareholder.
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