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'No One Won': Binance CEO CZ Again Clashes With Sam Bankman-Fried

Relitigating the past, Binance boss CZ and ex-FTX CEO SBF again trade barbs over a business deal gone bad.

2 min read
Image: FTX/Decrypt

Binance CEO Changpeng ‘CZ’ Zhao today clashed with disgraced founder of collapsed crypto exchange FTX Sam Bankman-Fried on Twitter. 

In the Friday spat, the Binance boss said that “no one won” in response to Bankman-Fried’s claim that CZ was a liar and ultimately benefited from FTX’s collapse.  

This is the second time this week the CEO of the world’s biggest crypto exchange has called out Bankman-Fried—known as SBF—on Twitter. 

On Tuesday, CZ called the ex-FTX CEO a “master manipulator” and “one of the greatest fraudsters in history.”

Today, alluding to the investment relationship Binance and FTX had (which ended in 2021), SBF wrote: “You threatened to walk at the last minute if we didn't kick in an extra ~$75m.” 

“We did it anyway because this just made us feel more confident we didn’t want Binance on our cap table. But again, none of this is necessary. You won. Why are you lying about this now?”

CZ responded with, “No one won.” He said that Binance pulled out of its investment in 2021 because it was “increasingly uncomfortable” with the relationship Alameda Research, a trading desk also founded by SBF, had with sister company FTX. CZ claimed “Sam was so unhinged” when they pulled out and “threatened” to make them pay. 

He also accused SBF of using his network of diverse investments “to manipulate public opinion, including attacking me and others in the industry."

FTX went bankrupt last month after allegedly using client money to make risky investment bets through Alameda Research. Though SBF founded Alameda in 2019, he claims that he stepped away from day-to-day operations in 2021.

After the implosion of FTX’s FTT token and a bank run on the exchange, the company was forced to admit it did not hold one-to-one reserves of customer assets. This caused a freezing of withdrawals and subsequent bankruptcy filing.

The U.S. Department of Justice, the SEC, and the CTFC are all investigating the exchange’s collapse—but no criminal charges have been brought forward, and a court has yet to determine if SBF was indeed a fraudster like CZ claims. 

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