News

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.

The market woes following the FTX meltdown appear to be far from ended. SBF is currently being investigated by US prosecutors, who argue that his market action was fraudulent.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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