To save FTX, the previous leader of the company made an attempt to destroy the stability of the cryptocurrency markets, as stated in several reports.
Alameda corporation is said to be specializing in Depeg of USDT stable token trades. Sam Bankman-Fried, the one who used to be the head of the infamous FTX trading company, has been named the new leader of the cryptocurrency marketplace, according to Tether executive and CEO of Binance Changpeng “CZ” Zhao.
The influence over Tether
SBF will take over the market to save the now-defunct exchange. They could be trying to shake the market up.
CZ and SBF’s conflict over Tether’s native stable crypto coin was clarified in a Signal Group Chat news story titled “Exchange Adjustment” that was seen by The Wall Street Journal on November 10.
The deal by Alameda corporation, which focused on de-pegging the stable token, reportedly caused CZ and other group members to express concern about how it would impact the value of the cryptocurrency.
SBF was allegedly faced by the CEO, halting all activity. In his statement to the WSJ, SBF rejected this assertion. Jesse Powell, a co-founder of Kraken, and P. Ardoino, the head of the tech department at Tether, are members of the Signal Group.
The controversy allegedly started a day after Binance declared it would not support struggling rival FTX because of reports of customer funds being mishandled and asserted inquiries by US government agencies.
The rivalry between Binance and FTX leaders
On Nov. Ten, Ardoino of Tether added that the corporation has no desire to commit to or borrow money from Alameda. On December 9, more information regarding a botched transaction involving Binance and his FTX became available.
CZ called Bankman-Fried a “crook” in a Twitter conversation, and Binance declared that it would leave FTX.
The CEO of Binance claims that when SBF withdrew, it derailed. In an answer to such words, SBF asserted that Binance “warned to abandon the deal at the last moment and charged CZ with lying about its involvement in the transaction.
