SBF Dubs Potential FTX Relaunch a "Productive Path Forward"
FTX founder and CEO Sam Bankman-Fried has not lost hope in the troubled firm’s chances of resurgence. The troubled founder revealed in his reply to a recent tweet that he thinks reopening the exchange could set the platform back on track. Also today, SBF continued its well-documented spat with Binance founder Changpeng Zhao.
Neuner Shares Plans to Restore FTX, Bankman Fried Agrees
It began on Friday morning when CNBC crypto trader Ran Neuner shared a potential course of action for FTX. Neuner’s suggestions included the issuance of a new FTT token and its subsequent distribution to creditors and depositors. He also called for 100% of the profits to be directed to token holders. Neuner encouraged:
Fire up the FTX exchange! It will be the biggest exchange in the world and users will be made more than whole.”
In another post shortly after, Neuner reaffirmed his faith in his ideas.
If @cz_binance and or @benbybit are willing to back me and guide me, I’m happy to champion this.
Nothing would make me happier than making everyone whole again.
And I really think it’s possible https://t.co/BWqcS5m6UU
— Ran Neuner (@cryptomanran) December 9, 2022
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Sam Bankman-Fried later chimed in enthusiastically endorsing Neuner’s suggestions. SBF stated that he believed it would be a “productive” option for various entities to look into. He then expressed his hope that those involved would in fact consider Neuner’s proposal.
Bad Press Surrounding the FTX Crash
The FTX collapse was one of the most high-profile disasters of the year, going toe-to-toe or even past the Terra crash. FTX’s failure rippled across the crypto industry to affect the entirety of Bankman-Fried’s previously extensive crypto empire. Companies with exposure to FTX weren’t left out of the debacle as shown by the Solana ecosystem’s significant losses post-collapse.
Overall, both FTX and SBF have garnered tons of negative attention making the odds of a resurgence notably low. FTX is still dealing with bankruptcy proceedings even as various regulators probe into the failed exchange alongside its founder. Additionally, records show that Bankman-Fried is facing 7 class action lawsuits following his platform’s downfall.
Notably, the ex-crypto “white knight” has continued to defend himself following last month’s saga. SBF has asserted that it was not his intention to commit fraud. More recently, shortly after his exchange with Neuner, Bankman-Fried clashed with Binance CEO Changpeng-Zhao on Twitter.
SBF, CZ Engage in Twitter Spat
On Friday, SBF responded to a post where Zhao referred to him as a fraudster. Indeed, CZ claimed Binance exited its FTX position in mid-2021 amid growing discomfort with FTX/Alameda. He described Bankman-Fried as unhinged following Binance’s withdrawal as an investor, threatening to go “extraordinary lengths to make us pay.”
The FTX founder clapped back at CZ in the replies.
You won, @cz_binance.
There's no need to lie, now, about the buyout.
We initiated conversations around buying you out, and we decided to do it because it was important for our business.
And while I was frustrated with your 'negotiation' tactics, I chose to still do it.
— SBF (@SBF_FTX) December 9, 2022
Bankman-Fried highlighted one of the aforementioned tactics alleging that Binance threatened to walk last minute unless they received an extra $75M. He also stated that Binance didn’t have the right to withdraw as an investor unless FTX chose to buy out the exchange.
CZ, who is adamant about his take on SBF as a “master manipulator”, insisted FTX could not force Binance to take action if it didn’t want to.
Also, we have the veto right to block any further fundraising you were doing. Never used or mentioned it. It was never a competition or fight. No one won. ½,” he finished.
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