"I Knew He Was Desperate" - Binance CEO CZ Opens Up About SBF Relationship

Binance CEO reflects on past dealings and relationships with SBF after his FTX empire collapsed.

Binance CEO Changpeng “CZ” Zhao knew Sam Bankman-Fried was in dire straits when the former CEO of now bankrupt exchange FTX called him for a bailout.< /p>

CZ opened up on the events that almost saw Binance come to the rescue of its struggling competitor as a credit crunch sent FTX into an inescapable spiral. Speaking at the Milken Institute's fourth annual Middle East and Africa Summit, CZ reflected on the fateful call with SBF as the latter sought to salvage his struggling exchange:

“When he came to see me, I knew he was desperate. If we can't help him, there's probably no one else who will. made the deal before us."

CZ admitted that he intended to explore a lifeline for FTX for the benefit of affected users, but due diligence after signing a letter of intent quickly brought to light bigger problems than Binance had imagined. The deal was later dropped.

Days later, FTX filed for Chapter 11 bankruptcy, sending shockwaves through the cryptocurrency and...