Binance CEO Changpeng "CZ" Zhaowas in talks to acquire beleaguered crypto exchange FTX for less than oneday. That's because a quick look at the books sent the Binance team running.
"It was pretty clear pretty soon … the user funds weregone," Zhao said Thursday on CNBC's "Squawk Box."
What To Know:Binance is the largest cryptocurrency exchange in the world and one of the few big players left standing following the collapse of FTX which had a ripple effect on the entire industry as a result of what appears to be recklessmanagement practices and potential fraud.
FTX co-founder and former CEO Sam Bankman-Fried, also known as "SBF,"went fromcrypto king to crypto clown in less than 48 hours.
Related Link:Sam Bankman-Fried Is A 'Criminal,' Says Coinbase CEO
"It's clear that he lied to his users, his investors, his VC investors, his employees," Zhao said of the former FTX chief.
Once it became obviousthat Bankman-Fried was hiding the truth, Zhao said his team quickly realized theycouldn't trust anything theywere looking at.
"It was quite hard for us to do that due diligence, so we didn't go very far," the Binance CEOsaid.
When asked if Zhao thought SBF knew what he was doing, he responded, "I think he thought he understood. I think he probably still thinks he understands what he's doing now. I don't think he should be tweeting."
Bankman-Fried has been on a Twitter rampage of sorts since the fallout, spewing his thoughts in long twisted Twitter threads. He has shown regret for picking a fight with Zhao and suggested that his firm ended up where it was because FTXlost itsbattle against Binance.
"We were never in a battle with him. He may think he is in a battle with us. We didn't even notice," Zhao told CNBC.
See Also:Sam Bankman Fried A 'Psychopath,' Says Binance CEO Chanpeng Zhao
Despite the fallout of FTXand the subsequent declines in top cryptocurrencies such asBitcoin BTC/USD and Ethereum ETH/USD ,the Binance CEO is moving forward with business as usual.
"This incident will set us back a bit, but then the industry will become healthier so it's actually better in the long run," Zhao said.
On the other side of the coin, the House Financial Services Committee said it plans to holda hearing next month regardingthe situation withFTX, per Benzinga Pro.
NASHVILLE, Tenn. — Two-time Daytona 500 winner Michael Waltrip has joined the ownership group of the Nashville Kats, a founding franchise of the Arena Football 1 league.
The Kats announced Waltrip joining the group Friday along with his craft beer company Michael Waltrip Brewing. The ownership group already includes former NFL coach Jon Gruden with Jeff Fisher, a former coach of the Los Angeles Rams and Tennessee Titans, majority owner.
“We now have three living legends attached to the Nashville Kats — Jeff Fisher, Jon Gruden, and Michael Waltrip — all with the ultimate goal to win championships and raise the AF1 to its ultimate potential along with any team associated with the AF1,” said Bobby DeVoursney, the Kats’ CEO and managing partner.
Waltrip’s brewery now is the team’s official craft beer. The team also plans a “Waltrip Winner’s Circle” fan zone for the upcoming season.
The Kats play the Southwest Kansas Storm on Sunday in Clarksville in the AF1 semifinals.
This is the most significant statement from the US president in days, though it still keeps everyone guessing.
In a message conveyed through his press secretary, he is giving diplomacy up to two weeks to work.
“Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” Karoline Leavitt quoted him as saying.
It is not clear what “whether or not to go” entails.
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0:40
Trump: Iran ‘weeks away’ from nuclear weapon
We know that he has been given a spectrum of different military options by his generals and we know that the Israelis are pressuring him to use American B2 bombers with their bunker-busting bombs to destroy Iran’s nuclear facility at Fodow.
The Israelis are encouraging no delay. But against that, he is weighing up many risks, both military and political.
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Militarily, it is not clear how successful a bunker-busting strike on Fordow would be.
Experts have suggested it would require several of the massive bombs, which have never been used in combat before, to be dropped on the site.
It is not as simple as one clean strike and job done.
Politically, the president is under significant pressure domestically not to get involved in Iran.
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2:40
MAGA civil war breaks out over Iran
Within his own MAGA coalition – influencers, politicians and media personalities are lining up in criticism of involvement in the conflict.
One of those leading the criticism, his former chief strategist Steve Bannon, who maintains huge influence, was seen entering the White House on Thursday.
His press secretary reiterated to us that the president always wants to give diplomacy a chance and she confirmed that his Middle East envoy Steve Witkoff has spoken to the Iranian foreign minister Abbas Araghchi.
Image: Steve Bannon, seen recently at a conservative event in Maryland, is against US involvement in Iran. Pic: AP
European leaders, including the UK foreign secretary David Lammy, who is in Washington, are meeting Mr Araghchi in Geneva on Friday.
The two-week window – assuming it lasts that long – also gives space to better prepare for any strike and mitigate against some of the other risks of US involvement.
There are 40,000 troops in bases across the Middle East. It takes time to increase security at these bases or to move non-essential personnel out. It also takes time to move strategic military assets into the region.
The USS Nimitz aircraft carrier and its support vessels were redeployed from the Indo-Pacific on Monday. Their last known position was the Strait of Malacca two days ago.
The Nimitz Carrier Group will overlap with the USS Carl Vinson group which was deployed to the Middle East in March.
The potential two-week window also allows for more time for a ‘day after’ plan, given that the Israeli strategy appears to be regime change from within.
Since the Israeli action in Iran began last week, the worst-case scenario of mass casualties in Israel from Iranian attacks has not materialised.
The president is said to be surprised and encouraged by this. “Israel has exceeded a lot of people’s expectations in their abilities,” press secretary Karoline Leavitt said.
The Israeli success, the absence of a mass casualty event in Israel, and the lack of any sustained counterattack by Iranian proxies in the region remove reservations that previous presidents have had about taking on Iran.
That said, sources have told Sky News that the president is determined that the diplomatic solution should be given a chance despite current pessimism over the chances of success.
White House press secretary Karoline Leavitt has said Donald Trump will make a decision on whether to militarily strike Iran in the next two weeks. That’s as diplomatic talks between Western governments and the Iranians ramp up.
In today’s episode, US correspondents Mark Stone and Martha Kelner unpick why the delay might be, and the competing voices in the ears of the president.
If you’ve got a question you’d like the Trump100 team to answer, you can email it to trump100@sky.uk.
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