“The block is pretty much owned by SBF” said Binance CEO

December 14, 11:30 am UTC Binance Twitter Space, in which Zhao answers lots of questions about recent Binance FUD, in which they blame The Block for writing a false article about Binance, and “The block which we now understand is pretty much owned by SBF” he added

The Block is the new outlet whose CEO recently step down because Sam Bankman Fired trading firm Alameda funded $27 million to the company ex-CEO Michael McCaffrey

In Twitter Space Bones @EVNFT, a Twitter user asks a question to the CEO of Binance. “I just wanted to ask about some of the FUD we’ve seen over the last 24 to 48 hours. I just wanted to kind of let CZ answer in broad just about some of the stuff we’ve seen regarding some of the cash withdrawals from Binance.”

In response to @EVNFT question, Zhao blames Bloomberg for FUD articles “There was multiple even like a few years ago Bloomberg writes articles on Binance the investigation of this alleged investigation etcetera. And then there’s always, you know, that’s FUDs everywhere”

“Lot of negative articles about Binance. That’s all that’s okay though, so he actually makes us more.” he added

“Binance FUD” Explain By the CEO of Binance

Furthermore, he added the last couple of hours Sam Bankman Fried is arrested, he also explains an example of this “Binance FUD” he said “if you get hurt by one bank, you’re gonna think all the other banks are bad. If one politician is corrupt, you think all politicians are corrupt. But the fact is that because one bank is doesn’t mean all the other banks are bad, and just because one politician is bad doesn’t mean all the other politicians are bad.”

CZ said “they lost money there and they generalized that. And that’s just human behavior.” Binance FUD is just because peoples panic because of recent FTX drama “So that’s fine” he added

“People want to withdraw their funds from Binance. Great, they can do it. It’s their freedom. Later on, when they want to trade, they will, they will deposit back. That’s their freedom.”  said CZ “We hold user asset reserves 1:1”

Yesterday, when Binance FUD is at its peak everyone transferred and withdrew their funds on this topic, CZ said the overall market is quite edgy. Everyone’s really concerned; everyone’s really worried. My psychology just works like that. That will put us under pressure. “We just handle that.”

Binance has processed $6 billion in withdrawals in the past 24 hours. They also processed more than $6 billion in deposits from their wallets to pay everyone. 

#Binance has processed $6 bil in withdrawals in the past 24h.

They also processed $6 bil in deposits from their wallets to pay everyone. #FTX was already insolvent after the first few billions.

This is a good stress test. Only the best survive a bear market. pic.twitter.com/xVyXyjjLnk

— Duo Nine | discord.gg/ycc (@DU09BTC) December 14, 2022

“I think that was like $6 billion in withdrawals, but the $6.5 billion of deposits over the last 24 hours.” said Zhao “So it is what it is. It’s just very normal market behavior. And as an industry player, we just gotta be solid and this thing doesn’t affect us,” he added

Read More: Story Behind FTX Exchange and Alameda Research Collapse

CEO of Binance Said on Media Monopoly

Someone asked about Binance FUD because of FTX insolvency do you think the FUD is around SBF?

“What’s causing the fud, I don’t really know, you know, a journalist writes something negative about Binance, etcetera. They may be paid by FTX or they may not be. I don’t know.” Said Zhao

“Don’t know the motives of other people, so I mentioned some earlier that could be jealousy, they could be competitors, they could be traditional financial players getting pissed off, etcetera. I think people are losing money and just, you know, getting angry, etcetera. So there are a lot of different potential possibilities, and there are also people who are just selling clicks and trying to sell, sell, sell ads, etcetera.” said CEO Binance

“The whole world is in volatility and moving around and just shaking, we just gotta be the stable guys, So we just gotta keep our heads down, make sure, make sure our platform is solid.” Said Zhao