Bankman-Fried Has A Hot Argument With Rival Directors
According to The Wall Street Journal, a Tether executive and Binance CEO Changpeng Zhao were concerned that Sam Bankman-Fried (SBF), the former FTX CEO, was seeking to disrupt the crypto market to salvage the now-bankrupt exchange.
Messages from a Signal group conversation titled “Exchange coordination” obtained by The Wall Street Journal indicate a dispute between CZ and SBF on November 10 concerning Tether’s stablecoin USDT.
The conflict arose from moves by Bankman-Fried’s trading company, Alameda Research, which the Binance CEO and others suspected aimed to weaken Tether. A dip in the price of USDT on crypto exchanges may have pulled down the price of other cryptocurrencies.
According to persons familiar with the talks, other members of the Signal group included Paolo Ardoino, chief technical officer of Tether Holdings Ltd., Justin Sun, inventor of the crypto network Tron, and Kraken co-founder Jesse Powell, among others.
According to the article, CZ and others in the group were concerned that Alameda Research’s moves might depeg the stablecoin, causing a ripple effect in crypto values. According to reports, Binance CEO approached SBF:
“Stop trying to depeg stablecoins. And stop doing anything. Stop now, don’t cause more damage,” Zhao told Bankman-Fried, according to the messages seen by the Journal.
In a statement to the Journal, Bankman-Fried refuted the charges in the Signal messages.
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