Financial Times - ‘Crack down on Binance’: Sam Bankman-Fried trial illuminates crypto rivalry

https://www.ft.com/content/0350c0b7-f720-4a23-ad33-d8ef619cce95

Testimony and evidence presented in the New York fraud trial of Sam Bankman-Fried has revealed new details of his fateful rivalry with Changpeng Zhao, the chief executive of FTX competitor Binance, and how their relationship soured from ally and investor to rival and nemesis.

Bankman-Fried allegedly sought to get regulators to crack down on Binance, and Zhao later tweeted that he would liquidate millions in FTT, a crypto token issued by FTX, which triggered a spiral that led to the destruction of Bankman-Fried’s empire.

In private documents prepared as part of a last-ditch fundraising drive to bail out FTX, Bankman-Fried accused Zhao of executing a stunning corporate raid to eliminate a rival exchange.

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