world’s largest cryptocurrency Changpeng Zhao (CZ), CEO of the stock exchange Binance, caused a great shock in the market by announcing that he sold all his FTT assets yesterday.
Following the development, there was a sudden drop in the price of FTT, and there were speculations about the financial health of rival cryptocurrency exchange FTX.
Binance CEO: “My Tweet About the FTT Sale Wasn’t Preplanned”
CZ made a statement about conspiracy theories, as his Tweet about the FTT sale was a long-planned step and he was the name behind all of this:
CZ argued that while sitting outside with his friends, there was a topic about the $580 million Whale Alerts FTT transfer notification and that he wanted to make a simple statement on Twitter:
“While I was out with my friends yesterday, the topic of Whale Alerts came up. I have decided to be transparent in line with our principles. So within 5 minutes I wrote and sent a tweet. I didn’t know this would be the “last straw”.
Everyone wants more transparency in our industry, right? My tweets were simple. There were questions about the large amount of FTT ($580 million) invested in Binance and we were transparent about closing our FTT position.”
I was out with friends yesterday when the topic of whale alerts came up. Following our principles, I decided to be transparent. So I wrote a thread in 5 mins, and posted it. Little did I know it was going to be “the straw that broke the camel’s back.” 1/4
— CZ 🔶 Binance (@cz_binance) November 7, 2022
CZ said he was surprised that this Tweet caused such great controversy:
“It was surprising that it sparked this level of ‘controversy’. There were also conspiracy theories that somehow I orchestrated all this. If you read this title, you will appreciate that no one planned this.
Funny memes, the media and some people tried to portray it as a “fight”. Sorry to disappoint, but I spend my energy building, not fighting. Today I spent the day on our work and our community. I advise others to do the same. Let’s get back to building.”
“We Can Close Over-the-Counter Sales If We Have $580 Million BNB Tokens”
In his next Tweet, CZ also responded to a Tweet about Alameda Research’s proposal to prevent market volatility by making the FTT sale in question over the counter:
“Do they have or are considering buying $580 million worth of BNB tokens?”
*Not investment advice.
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