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The Binance CEO CZ, did an AMA session in a Twitter space, stating that the FUD surrounding his crypto exchange was recently sponsored by FTX.
Zhao claimed that FTX gave money to crypto news publishing site over $43 million to publish bad articles about the Binance exchange. The CEO additionally stated that he initially gave some attention to the negative news going around.
“I don’t think it’s going to stop, but I don’t think it’s going to bother us that much going forward,” said CZ, Binance CEO.
The crash of FTX generated a contagion in the crypto industry, causing lots of billions in losses. There was much pressure on cryptocurrency exchanges to provide evidence of their reserves, but negative news continued due to the fact that investor’s lost confidence.
As of December, Binance had a row of FUD attacks. Questions went over the evidence of reserves passed by the Binance exchange. Some stated that the exchange’s auditor applied some Binance chosen approach to calculate the proof of reserves. Others disbelieved the financial well being of Binance.
As of Dec. 12th, bad news went around media that US prosecutors would arrest many senior workers in Binance, including Zhao himself. While the FUD was going around via many channels, Changpeng Zhao claimed that FTX was behind it.
In spite of the FUD, Changpeng Zhao commended the cryptocurrency space for being intelligent enough to prevent being simply misguided by clickbait titles. He additionally stated that several users in the crypto community are wise enough today.