How Changpeng Zhao Killed Crypto Exchange FTX – Economy


Jannis Bruehl

At 4:47 p.m. on Sunday, November 6, Changpeng Zhao finished off his rival. The head of cryptocurrency exchange Binance tweeted: “Because of the recent revelations, we have decided to liquidate all remaining FTT on our books.” What read cryptically to outsiders tore a $32 billion company into the abyss: FTX, the fifth largest crypto trading venue in the world, filed for bankruptcy five days later. Apparently eight billion dollars are missing from his balance sheet, it smells like a pyramid scheme. FTX CEO Sam Bankman-Fried lost 94 percent of his $16 billion fortune. Changpeng Zhao, who posted the message, had gotten rid of a strong competitor.

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