Changpeng Zhao vs Kevin O'Leary (The Binance/FTX Drama)

Kevin O'Leary recently testified in a Senate Hearing about what exactly happened to FTX (O'Leary is taking SBF's word on the matter). This story has many layers to it including drama between the former CEO of FTX Sam Bankman-Fried and Binance CEO Changpeng Zhao (CZ). The bigger issue in this huge case is mismanagement of funds, specifically customer funds.

O'Leary has stated that the Binance CEO (CZ) was getting in the way of SBF in regards to regulation and CZ has been on record saying he was having trouble contacting SBF on issues regarding both of their companies. There was even rumours swirling that SBF was talking smack about CZ to regulators, but this was just a rumour. Eventually Changpeng Zhao (CZ) decided to dump his FTX Tokens and sever ties with FTX and SBF based upon information he received that FTX was INSOLVENT. The Binance CEO made his actions public which caused a "bankrun" on the FTX collapsing the FTX token significantly. These are all surface level details as no one really knows what happened to FTX's proof of reserves and other funds it "claimed" it had.

The story is multilayered, as FTX was hacked shortly after its token price began to fall and financial records were wiped according to O'Leary. The question that remains is this, "Is FTX at fault for mismanaging its funds or is Binance a fault for selling all of its FTX tokens causing a bankrun on FTX causing its collapse?". More details on this story are coming out so stay tuned. The next Senate Hearing is set to take place sometime in 2023. Thanks for watching and please follow me on my other socials. Tiktok: @jc0b_xo, my backup TikTok account @jc0b_xo2, Youtube: Crypto In-depth (JCOB Crypto). Thank you again for watching.