Fun

News Feed - 2023-10-04 09:10:41

Prashant Jha11 hours agoNew book reveals Binance CEO CZ rejected SBF’s $40M request for futures exchangeMichael Lewis’s new book “Going Infinite” reveals that CZ and SBF had different goals when the first collaborative business opportunity arose in 2019.3387 Total views22 Total sharesListen to article 0:00NewsJoin us on social networksBinance CEO Changpeng “CZ” Zhao reportedly declined to pay $40 million to former FTX CEO Sam “SBF” Bankman-Fried for a futures crypto exchange in March 2019, according to an excerpt from Michael Lewis’ book Going Infinite: The Rise and Fall of a New Tycoon.


According to the book, SBF proposed a futures exchange with “zero risk” in case of bad trades with high leverage. Traditionally, a futures exchange allows traders to leverage funds against a small collateral, and the exchange often asks traders to increase collateral if the trade starts to go bad.


In crypto, price swings can be fast and significant, which could leave exchanges with bad debts due to a lack of collateral. However, FTX wanted to create a futures exchange that would monitor the trader’s activity and, as soon as the trade surmounted the collateral, would liquidate the user’s positions, thus limiting any potential losses to the exchange.


The book suggests that at the time of SBF’s proposal in 2019, Binance and FTX had different goals. FTX wanted to cater to institutional investors, while Binance was all about retail customers. After pondering the proposal for a few weeks, CZ reportedly denied the request for funding from SBF and went on to create an in-house futures platform.


The author of the book claims that CZ’s decision didn’t go down well with SBF, who reportedly called the Binance CEO a “douche” for his decision. After the denial from Binance, FTX created its own FTX futures exchange in 2019 but wasn’t sure about its success. An excerpt from the book quoting SBF reads:“If it works it is worth billions of dollars, but I thought there was a better than fifty per cent chance it wouldn’t work. I’d never done marketing. I’d never talked to the media. I’d never had customers. It was just different from anything that I’d ever done.”


This was not the only incident when SBF and CZ crossed paths. In 2022, when the FTX liquidity crisis came to light, FTX reached out to Binance again for an acquisition, but CZ declined, claiming the platform was beyond redemption.


Related: Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 1]


The latest revelation comes as the former FTX CEO’s trial kicks off in New York, where he faces multiple charges of fraud and money laundering in connection to the collapse of FTX.


Magazine:Can you trust crypto exchanges after the collapse of FTX?# Blockchain# Cryptocurrencies# Changpeng Zhao# Binance# Sam Bankman-Fried# RegulationAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?Expect new crypto regulations to follow Bitcoin ETFsHow the actor model could enable better blockchain gaming apps

News Feed

$2 Billion Worth of Unpeeled Casascius Physical Bitcoins: There’s Less Than 20,000 Coins Left Active
$2 Billion Worth of Unpeeled Casascius Physical Bitcoins: There"s Less Than 20,000 Coins Left Active While bitcoin continues to become more scarce every day, the most popular set o
William Suberg6 hours agoNew BTC price levels to watch as Bitcoin avoids $36KBTC price liquidity is on the move as analysts say the Bitcoin “gameboard is changing” — another squeeze may result.4971 Total views7 To
Stablecoin Market Caps Swell Over $7 Billion – Volumes Surpass Most Trading Pairs
Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs While most digital assets have been suffering, stablecoins have been surging since the market do
Crypto exchange user goes AWOL after being sent $650K by mistake: Report
Jesse Coghlan4 hours agoCrypto exchange user goes AWOL after being sent $650K by mistake: ReportOTCPro user Kow Seng Chai reportedly hasn’t responded to emails, calls or appeared in court since the exchange mistakenly
‘Bitcoin’s No Longer Optional’ — What Investors Say About Paypal Launching Crypto Services
"Bitcoin"s No Longer Optional" — What Investors Say About Paypal Launching Crypto Services Paypal launching cryptocurrency services has given crypto investors
Bitcoin Weekly PPO Turns Red At $102,000, What It Means For The Bull Market
Este artículo también está disponible en español. Crypto analyst Tony Severinohas revealed that the Bitcoin Percentage Price Oscillator (PPO) has turned red after reachin
New Games from iSoftBet Create Joyously Beautiful Experiences at Bitcoin.com’s Casino
New Games from iSoftBet Create Joyously Beautiful Experiences at Bitcoin.com’s Casino Fun and excitement have been let loose for players to experience amazing
Turner Wright6 hours agoStablecoin bill is a ‘no-brainer’ — Consensys director on US legislationConsensys’ senior counsel and director of global regulatory matters, Bill Hughes, spoke at the North American Blockc
North Dakota latest US state to revoke Binance.US license
Brayden Lindrea4 hours agoNorth Dakota latest US state to revoke Binance.US licenseNorth Dakota’s Department of Financial Institutions Commissioner pointed to Binance’s money transmitter and AML convictions to make i
pax․world: A Token Must Be an Economic Bedrock Not a Collectable Gimmick for the Metaverse to Thrive
pax․world: A Token Must Be an Economic Bedrock Not a Collectable Gimmick for the Metaverse to Thrive sponsored This week, pax.world launched $PAXW, its proprietary utility token f
Indian Authority Freezes 150 Bitcoins Held at Binance Crypto Exchange
Indian Authority Freezes 150 Bitcoins Held at Binance Crypto Exchange India’s Enforcement Directorate (ED) says that it has frozen 150.22 more bitcoins held at cryptocurrenc
Veteran Trader Peter Brandt Shares ‘Sacred Trading Rule’ as Bitcoin Falls, Warns Against Buying the Dip
Veteran Trader Peter Brandt Shares "Sacred Trading Rule" as Bitcoin Falls, Warns Against Buying the Dip Veteran trader Peter Brandt has shared “a sacred trading rule”