Binance CEO Changpeng “CZ” Zhao described Forbes’ article evaluating his trade and bankrupt FTX as “one other FUD” and “baseless.”
In a Feb. 27 report, Forbes wrote that Binance moved $1.8 billion in stablecoin collateral to quite a few hedge funds.
Whereas Binance chief technique officer Patrick Hillman denied that the trade uncovered its customers’ funds, CZ mentioned:
“[Forbes] appear to not perceive the fundamentals of how an trade works.”
He added that the report defined Binance customers’ withdrawals as “thousands and thousands of shifted collateral.” In keeping with CZ, Forbes ignored customers’ deposit transactions.
Compared with FTX, CZ mentioned the 2 exchanges are totally different. The Binance CEO identified that the agency had processed billions in withdrawals in December 2022 when he was “socially hanging out with crypto associates” in Dubai.
On the time, Binance recorded unprecedented outflows from its reserves — on the peak of the FUD, it processed $6.6 billion in withdrawals over seven days.
The trade founder added that Binance applied Ethereum (ETH) co-founder Vitalik Buterin’s suggestion for exchanges to implement a proof-of-reserves utilizing the zero-knowledge (ZK) method.
CZ additional highlighted that his Chinese language nationality was introduced up within the article once more. CZ had beforehand refuted claims that his trade was a Chinese language firm. In addition to that, the trade CEO has additionally severally acknowledged that he’s a Canadian citizen.
He concluded that:
“I’m deeply disenchanted that Forbes continues to jot down baseless articles, shedding their very own credibility.”
