FTX founder SBF allegedly tried to destabilize the cryptocurrency market to save the stock market.
Tether executives and Binance CEO Changpeng Zhao were concerned that Sam Bankman-Fried was trying to destabilize the crypto market to save the bankrupt crypto exchange.
SBF’s Speeches Revealed
According to the news of The Wall Street Journal, there was a discussion between CZ and SBF regarding USDT in a Signal group named “Exchange coordination”. The group also included Kraken co-founder Jesse Powell and Tether’s CTO Paolo Ardoino.
According to the report, CZ and others in the group were concerned that the trades made by Alameda Research would have a ripple effect on crypto prices. It has been suggested that continuous transactions will lead to depeg in USDT. Binance CEO allegedly said the following:
“Stop trying to depeg stablecoins. Stop doing more and do no more harm”
SBF denied these allegations in a statement to the Wall Street Journal.
The alleged controversy in the Signal group came a day after Binance announced that it had stopped buying FTX.
