American journalist Michael Lewis mentioned something controversial about the CEO of Binance in his new book “Going Infinite”.
Michael Lewis is a popular American author and financial journalist. Recently in an interview, he indirectly claimed that Binance CEO CZ was responsible for the demise of the FTX crypto exchange and for that statement he faced massive criticism from the crypto proponents as FTX former CEO Sam Bankman-Fried (SBF ) was the main culprit behind the FTX bankruptcy.
In the new book published by Lewis, we can see a small financial discussion between Binance CEO Changpeng Zhao (CZ) and the former CEO of FTX, SBF.
According to the book’s author, SBF had requested CZ in mid-2021 to buy back the FTX shares that Binance had purchased for $80 million in late 2019. At the time, CZ proposed a price of $2.2 billion and SBF agreed, but just before signing the deal. the deal CZ again asked for a $75 million increase and SBF also agreed.
Binance’s former Chief Finance Officer Patrick Hillman responded to this controversial discussion between SBF & CZ and said people should take into account the fact that the author of this book is a spokesperson for SBF.
SBF vs CZ
Following a report from the CoinDesk media, people came to know about the actual financial position and that caused some kind of fear among the FTX customers.
With that news, CZ also became aware of the whole situation and decided to sell all the FTX tokens (FTT), the amount Binance received from the FTX exchange when selling FTX stakes.
After CZ’s announcement, FTX customers started withdrawing their funds quickly and eventually the FTX stock market crashed severely within 24 hours. A few days later, FTX filed for bankruptcy because the exchange did not hold the customers’ money.
CZ has cleared everyone about this and confirmed that he is not against any crypto platform.
It is a bitter truth that the ex-CEO of FTX misused customers’ money for personal benefits and high amounts of political donations and this was the main reason why the stock market suffered a serious collapse, but SBF often claimed that CZ was responsible for the demise of FTX.
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