Sam Bankman-Fried (FTX) accuses Changpeng Zhao (Binance) of spreading false rumors

Sam Bankman-Fried (SBF), CEO of FTX, has come forward to set the record straight regarding the allegations spread by Changpeng Zhao, Binance. However, due to this clash between the heads of crypto-currency exchanges, the global digital market has suffered from uncertainty.

FTX criticizes Binance’s CZ

Speaking on TwitterSam Bankman-Fried pointed out that a competitor is trying to attack us with false rumors. SBF has directly targeted Binance for spreading invalid information.

1) A competitor is trying to go after us with false rumors.

FTX is fine. Assets are fine.

Details:

– SBF (@SBF_FTX) November 7, 2022

FTX assures that deposits and withdrawals are working well. Traders have encountered some difficulties in withdrawing their bitcoin holdings. However, FTX revealed that the matching engine is working without any problems.

Sam Bankman-Fried informed that FTX is doing well and all assets are fine. He added that the exchange has enough to cover all the clients’ assets. The organization does not invest in client assets, which also include government treasuries. They will process all withdrawals and continue to do so.

He mentioned that crypto trading is heavily regulated, although this slows down the process. FTX has GAAP audits with over $1 billion in excess cash. Sam Bankman-Fried assured that they have a long history of safeguarding customer assets.