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FTX collapse has been rewriting the history of cryptocurrencies. US House Finance Services Committee lawmakers had previously asked Sam Bankman-fried to testify at a hearing into the collapse of FTX. However, although he initially said he wanted to wait until he finished learning and reviewing what happened, the committee's leaders threatened a subpoena, prompting the former FTX CEO to state on Twitter that he would be willing to testify on December 13th.
Meanwhile, Changpeng Zhao, or CZ, CEO of Binance, and Sam Bankman-Fried, former CEO of FTX, or SBF, revealed new details about the deal between the exchanges that failed in November amid FTX's liquidity crunch. In a Twitter thread posted on Dec.
9, Changpeng Zhao called Changpeng Zhao a scammer, saying that Binance exited its FTX position in July 2021 after becoming increasingly uncomfortable with Alameda/SBF. Changpeng Zhao said Changpeng Zhao was reportedly upset by the exchange's disengagement, a statement that prompted a response from the former FTX CEO.
Changpeng Zhao and Sam Bankman-Fried clashed on Twitter!
Bankman-Fried criticized Zhao for his public admonishment of FTX, adding details of talks between the exchanges that occurred in November during FTX's liquidity crunch, before the firm filed for bankruptcy.
Binance later pulled out after reviewing the exchange's financial statements. Bankman-Fried said Binance threatened to withdraw at the last minute for lack of an additional $75 million: "You didn't even have the right to withdraw as an investor, unless we chose to buy you out.
Most of the tokens/equity were still locked up." Zhao replied: "Sam, it doesn't matter anymore. Besides, you can't force us to sell if we don't want to. We also have veto power to block whatever other fundraising you were doing.
I never used it or mentioned it. It's not never been a competition or a fight. Nobody won. Don't try to tell your friends to focus on us. Focus on yourself. You should have learned that by now." 