“Going Infinite” book reveals the dark side of Binance CEO CZ

American journalist Michael Lewis mentioned something controversial about Binance’s CEO in his new book “Going Infinite”.

Michael Lewis is a popular American author & financial journalist. Recently in an interview he indirectly claimed Binance CEO CZ was responsible for the downfall of the FTX crypto exchange and for that statement, he faced huge criticism from the crypto proponents, as FTX former CEO Sam Bankman-Fried (SBF) was the main culprit behind the bankruptcy of the FTX.

“They had a great real business. If no one had cast aspersions on the business, if there hadn’t been a run on customers deposits, they’d still be making tones of money”

ARE YOU FUCKING KIDDING ME!!!

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pic.twitter.com/VmSBvx9y1w

— Sean Tuffy (@SMTuffy) October 2, 2023

In the new book published by Lewis, we can see a small financial discussion between Binance CEO Changpeng Zhao (CZ) & FTX’s former CEO SBF.

According to the book author, in mid-2021, SBF had requested CZ to repurchase the FTX shares that Binance purchased for $80 million in late 2019. At the time, CZ proposed a price of $2.2 billion & SBF agreed but just before the signing of the deal CZ again asked for a $75 million increment and SBF agreed too.

Michael Lewis revealed in his new book “Going Infinite” that SBF proposed to CZ in mid-2021 to repurchase the FTX shares which binance purchased for US$80m at the end of 2019, and CZ proposed an price of US$2.2 billion. SBF agreed. When the two parties were about to sign, CZ…

— Wu Blockchain (@WuBlockchain) October 4, 2023

The former Binance chief finance officer Patrick Hillman responded to this controversial discussion between SBF & CZ and said that people must keep in mind the fact that the author of this book is a spokesperson for SBF.

So when you read anything in his new book about @SBF_FTX, @binance, or @cz_binance — just understand he is a spokesperson for Sam. I loved his previous works, so is sad to see him exposed in this manner. I don’t think his previous works can be viewed in the same light either

— Patrick Hillmann (@PRHillmann) October 3, 2023

SBF vs CZ

Following a report by the CoinDesk media people came to know about the actual financial position and that created a type of fear among the FTX customers.

Also with that news, CZ came to know about the whole situation and decided to sell all the FTX tokens (FTT), the amount that Binance received from the FTX exchange when sold FTX stakes.

Following the CZ’s announcement, FTX customers started to withdraw their funds rapidly & finally, within 24 hours FTX exchange collapsed badly. A few days later, FTX filed for bankruptcy as the exchange was not holding the customers’ funds.

CZ cleared everyone on this matter and confirmed that he was not against any crypto platform.

Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t support people who lobby against other industry players behind their backs. Onwards.

— CZ Binance (@cz_binance) November 6, 2022

It is a bitter truth that FTX’s ex-CEO misused customers’ funds for personal benefits & high amounts of political donations and this was the main reason why the exchange collapsed badly but SBF many times claimed that CZ was responsible for FTX’s downfall.

You won, @cz_binance.

There’s no need to lie, now, about the buyout.

We initiated conversations around buying you out, and we decided to do it because it was important for our business.

And while I was frustrated with your ‘negotiation’ tactics, I chose to still do it.

— SBF (@SBF_FTX) December 9, 2022

Read also: Xerberus uncovers a Cardano stablecoin project Aradana which gambled investors’ money 

“Going Infinite” book reveals the dark side of Binance CEO CZ

 

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