The former Binance CEO has reflected on the epic collapse of the FTX exchange
Zhao joked that it"definitely" felt like these events took place 20 years ago. 'Rich Dad Poor Dad' Author Reveals His Bitcoin Holdings and Plans to Buy More BTC
Bitcoin 'Flattens Out': Crucial Signal, Cardano Shows Price Pump First Time in 7 Months, Solana $200 Captured: Is All-Time High Next? After squabbling with FTX founder Sam Bankman-Fried, Zhao shocked the cryptocurrency industry by announcing that Binance had signed a non-binding letter of intent to acquire its archrival after the former faced"a significant liquidity crunch." It also turned out that FTX had ceased processing withdrawals, pushing crypto prices sharply lower.
Later, it turned out that Bankman-Fried had committed massive fraud, stealing billions of dollars from the exchange's unfortunate customers. Despite emerging victorious in his public feud with Bankman-Fried, Zhao also ended up falling from grace. Earlier this year, he served several months behind bars at a low-security California-based correctional facility after pleading guilty to violating anti-money laundering laws and stepping down as the Binance CEO in 2023.
While both crypto moguls ended up behind bars, their cases are not even remotely comparable. In a recent interview with , Zhao stressed that comparing him to Bankman-Fried would be tantamount to comparing a thief to"somebody who failed to register a company."Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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