Binance CEO says Forbes is losing credibility by writing ‘baseless articles’
Binance CEO Changpeng “CZ” Zhao has described a Forbes article comparing his exchange to bankrupt FTX as “another FUD” and “baseless.”
In a February 27 report, Forbes wrote that Binance has transferred $1.8 billion in stablecoin collateral to a number of hedge funds.
Binance Chief Strategy Officer Patrick Hillman denied that the exchange exposed user funds, but CZ said:
“[Forbes] You don’t seem to understand the basics of how exchanges work. ”
Binance user withdrawals are described in the report as “millions of collateral transferred,” he added. According to CZ, Forbes ignored users’ deposit transactions.
CZ said the two exchanges are different compared to FTX. His CEO of Binance noted that the company processed billions of dollars in withdrawals in December 2022 when he was “socially hanging out with his crypto friends” in Dubai.
At that time, Binance recorded an unprecedented outflow from its reserves. At the peak of FUD, in seven days he processed $6.6 billion in withdrawals.
The exchange’s founder added that Binance has implemented Ethereum (ETH) co-founder Vitalik Buterin’s proposal for the exchange to implement proof-of-reserve using a zero-knowledge (ZK) approach. .
CZ further emphasized that his Chinese nationality was brought up again in the article. CZ has previously argued His exchange claims to have been a Chinese company. In addition to that, the exchange’s CEO has also made several mentions that he is a Canadian citizen.
he Conclusion Or:
“I am deeply disappointed that Forbes continues to write baseless articles and lose credibility.”
