On November 8, 2022, the second-largest cryptocurrency exchange, FTX, began to unravel rapidly. This article delves into the details of these events and the reaction of former Binance CEO Changpeng Zhao.
The History of FTX Collapse
FTX, the second-largest cryptocurrency exchange, started to unravel rapidly on November 8, 2022, after Changpeng Zhao announced his intention to acquire the company. This occurred amidst a liquidity crisis and halted withdrawals at FTX.
Changpeng Zhao's Reaction
Changpeng Zhao commented on social media that these events feel very distant, almost like 20 years ago.
Comparison of Zhao and Bankman-Fried's Cases
While both crypto moguls ended up behind bars, their cases are starkly different. Changpeng Zhao emphasized that his mistake is incomparable to Sam Bankman-Fried's crimes, for which the latter was convicted of massive fraud.
Despite his past legal issues, Changpeng Zhao is not considering returning to lead Binance. His comments on the FTX collapse anniversary emphasize the distance of these events in his memory.
