FTX (FTT) CEO Blames Binance (BNB). What It Means for Snowfall Protocol (SNW) and Crypto-verse

The embattled former CEO of the bankrupt FTX cryptoexchange, Sam Bankman-Fried, continues to make waves in the crypto media with his statements. Recently, he launched his own substack to voice his opinions on what’s happening with him, his legal battle in the bankruptcy court, and the events that precipitated into FTX’s downfall. In his latest substack post, Bankman-Fried blamed Binance’s CEO, Changpeng “CZ” Zhao, and his tweets for the catastrophic collapse of his ill-fated cryptoexchange.

FTX (FTT) Founder Alleges Binance’s (BNB) CEO Made Alameda Insolvent

It’s no secret that Bankman-Fried and Zhao have traded insults with each other in the past. However, the direct attack on Zhao is a surprising turn of events even for crypto users who have followed the two personalities on Twitter.

A few days before the collapse of FTX, Zhao had tweeted that Binance would dump all its positions on FTX’s native token, FTT. Today, Bankman-Fried alleges that the “fateful tweet” was a culmination of an “extremely effective months-long PR campaign” to destroy FTX, and that the campaign succeeded in its goal.

Although Bankman-Fried also blames FTX’s fall on other factors, including internal and external forces, the crypto world largely interpreted his post as another missive against his one-time rival, Zhao.

Binance’s (BNB) Zhao Reacts to FTX (FTT) Founder’s Allegations

For his part, Zhao has downplayed his role in the fall of FTX. He opined that he was the “last straw that broke the camel’s back,” and not the primary cause of the crypto exchange’s crash.

Two days after announcing Binance’s position on its FTT holdings, as FTX appeared to be sitting on shaky grounds, Binance agreed to take over FTX, only to back out soon after citing concerns during due diligence. Since then, Bankman-Fried and Zhao have been exchanging insults at each other on social media. Zhao has gone so far as to declare, “No healthy business can be destroyed by a tweet.”

Whatever the truth, investors are fast losing confidence in centralized crypto exchanges like Binance and FTX. Over the past week, Binance has lost over 20% and continues to plummet.

The Rise of Decentralized Exchanges Like Snowfall Protocol (SNW)

FTX crash and the ensuing war of words between Zhao and Bankman-Fried have hurt the value of both crypto exchanges’ native tokens. As FTT and BNB lose their value, the native tokens of decentralized exchanges continue to appreciate in value. For instance, Snowfall Protocol (SNW), which is an interoperability bridge that connects multiple blockchains and also offers dex services, has witnessed its price spike by 100% in just over a week.

Snowfall Protocol (SNW) is scheduled for launch in early February and will be adding stablecoins to its cross-chain bridge initially. With time, Snowfall Protocol (SNW) will add other EVM and non-EVM blockchains to make asset transfer, NFT transfer, and information transfer across the crypto-verse a reality. Snowfall Protocol (SNW) has already published a prototype dApp with outstanding performance and features for investors. Naturally, investors have already poured over $3 million into the platform.





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Robbie Kenllis

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Robbie Kenllis

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