SBF of FTX hands the olive branch to CZ of Binance

Sam Bankman-Fried has tweeted that he would love it if he and CZ could “work together for the ecosystem”.

The SBF cryptocurrency empire is on the ropes right now amid allegations that it is mostly built on FTX’s own token $FTT. This caused CZ, CEO of rival cryptocurrency exchange Binance, to go to Twitter and announce that his company would be liquidating their entire holdings of $FTT. 

Although SBF’s crypto trading company Alameda Research said, via its CEO Caroline Ellison, that it would buy all Binance’s $FTT tokens at a price of $22, FTX certainly must be feeling the strain, and it’s possible that the vultures are beginning to circle.

It may be for this reason that Bankman-Fried has tweeted out what might be seen as an olive branch to CZ at Binance. 

4) I'd love it, @cz_binance, if we could work together for the ecosystem.

— SBF (@SBF_FTX) November 7, 2022

However, this tweet did follow on the heels of another that claimed that a “competitor” was “going after us with false rumours”, which, if it referred to Binance, might not be so well received.

1) A competitor is trying to go after us with false rumors.FTX is fine. Assets are fine.Details:

— SBF (@SBF_FTX) November 7, 2022

Bankman-Fried also tweeted what he obviously thinks are some of the strong points for FTX, no doubt seeking to allay the fears of those who are invested in the $FTT token.

3) It's heavily regulated, even when that slows us down. We have GAAP audits, with > $1b excess cash. We have a long history of safeguarding client assets, and that remains true today.

— SBF (@SBF_FTX) November 7, 2022

One Twitter user who replied to Bankman-Fried suggested that a “bank run” on such a big player would do no good to the industry at all, and recommended that both SBF and CZ should make the situation more transparent.

A “bank run” on one of the titans of industry is not a good look for the ecosystem. This could easily be squashed by full transparency @cz_binance @SBF_FTX - podcast, spaces, blog, whatever.

— Nick Tennant (@tennant_n) November 7, 2022

It is true that the negative sentiment caused by the infighting is doing the industry no good, and also the FTX financial situation needs to be clarified. The sooner these issues can be cleared up the sooner the sector can get back to continuing the market rally.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.