In its recent series of statements the global news house, the new york times has been able to recover the group chat between the co-founder and CEO of cryptocurrency exchange Binance Changpeng Zhao And the former CEO of bankrupt cryptocurrency exchange platform FTX.
The Group chat details were between Changpeng Zhao Also called CZ into the Crypto industry and the former CEO of FTX Sam Bankman-Fried. In the group chat, CZ was already alarming Bankman about the orchestrating trades into the Crypto market. CZ further in the discussion mentioned that if these trades are not controlled they can completely destabilize the cryptocurrency market.
What was discussed in the personal chats of two crypto CEO?
Just the day before The Fall of the cryptocurrency exchange platform FTX, Changpeng Zhao who is the chief executive of the cryptocurrency exchange platform Binance briefly alarmed Sam Bankman to work on the financial statements of the FTX platform.
Zhao Was already concerned that the Crypto platform FTX has been working on orchestrating the trades into the Crypto market and if this trend is kept in continuation there will be melted down into the Crypto industry. So, Zhao In the chat discussions Sam Bankman to stop now and not do more damage. Along with that further in the chats CZ also mentioned that if there is more damage from Bankamn’s side into the Crypto market then it can lead to more jail.
The cryptocurrency exchange platform FTX after it was having a liquidity crunch of approximately $8 billion in its cryptocurrency exchange accounts during handling the withdrawal request from the user. The FTX platform was not able to work on huge withdrawal requests which led to the crypto crisis at the FTX platform and this tore down the FTX platform on the brink of bankruptcy. The failure of the cryptocurrency exchange platform FTX has created a big question mark on the performance of Crypto assets and crypto industries for all retail investors as a form of investment options.
This crucial communication between the business leaders and top executives of Crypto markets shows how a Crypto market can get worse behind the scene taking completely unaware of the retail users and the investors. This discussion was carried out between three top executives of the Crypto platform on the instant messaging application signal.
These discussions also show that the top executives were aware of the situation in the Crypto market and they were already concerned about the work structure of the FTX platform.
