A feud between Sam Bankman-Fried and Changpeng Zhao is wreaking havoc on the cryptocurrency market over the last 24 hours.
While there could be numerous reasons for the crash and why Zhao decided to sell a token linked to Bankman-Fried’s FTX, a deleted tweet could hold some answers.
What Happened: FTX and Binance, led by Bankman-Fried and Zhao, respectively, are two of the biggest cryptocurrency companies in the world. Zhao made headlines this week when he announced Binance would be selling FTT (CRYPTO: FTT) tokens.
A Twitter thread points to a war between Zhao and Bankman-Fried dating back to 2019, with the two companies seen as rivals. Binance was founded in 2017 and quickly became a leader in the space. Two years later, the creation and launch of FTX put pressure on Binance, as it also quickly became a leader.
In 2019, Binance invested in FTX, in a move that could have been done to keep tabs on a leading competitor.
FTX and Binance are the two largest cryptocurrency exchanges in the world in 2022. A bit of a battle between the two recently transpired.
One of the first items that escalated the battle was Bankman-Fried pushing for more regulation in the cryptocurrency industry, a move that made him an enemy to many in the sector.
The Twitter thread also points to Bankman-Fried being one of the largest donors to the presidential campaign of Joe Biden and in politics generally. Zhao said he wouldn’t support those who lobbied behind his back, in what could have been a reference to Bankman-Fried.
Bankman-Fried may have escalated a war with Zhao with an Oct. …
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