Binance CEO Denies Bloomberg’s Net Worth Report

Changpeng “CZ” Zhao, the CEO of Binance, one of the world’s biggest cryptocurrency exchanges, has refuted the net worth stated by Bloomberg in its financial rich list. Bloomberg included Zhao on its list of the world’s richest people in finance. With an estimated wealth of $28.2 billion, CZ is positioned among the top three financial billionaires in the world, as shown by the ranking. On the other hand, CZ said on Twitter on April 27 that the statistics are all incorrect and that he does not have anywhere near as much money as what is supposed to have been the case for him, notwithstanding what was previously stated.

CZ began his tweet with the number 4, meaning that his worth should fall somewhere between Dan Gilbert’s $19.4 billion and Uday Kotak’s $13 billion. Uday Kotak is the richest person in India. It should not come as a surprise that CZ would take the initiative to call attention to the falsehoods that have been reported, given that he has been critical of the way that the cryptocurrency business is portrayed by mainstream media sites. He has made a number of denials about the information that was provided by authoritative sources such as Bloomberg and Forbes, often labeling such stories as FUD, which stands for fear, uncertainty, and doubt.

CZ’s critical position on the industry’s depiction in mainstream media was clear in his reaction to a story published by Forbes, which said that Binance had proceeded with a “backroom maneuver” involving a $1.8 billion transaction in 2022. The article claimed that Binance had done this in order to circumvent regulatory oversight. It was his contention that Forbes “don’t know how an exchange works.” In a similar manner, he disproved a story from Bloomberg that said Binance was contemplating severing connections with its US-based business partners.

In addition to correcting certain errors that had been made in the article, CZ said in his tweet that he does not consider the defunct FTX bitcoin exchange to be a competitor of his company’s. He emphasized the need of better-run exchanges in the cryptocurrency market and expressed his satisfaction with the increasing number of well-run exchanges in the sector.

The cryptocurrency market is receiving a growing amount of attention from the mainstream media as a result of stories detailing its enormous growth potential and adoption by institutional investors. Nevertheless, CZ’s criticism of the mainstream media draws attention to the need of truthful reporting on the innovations and evolution of the business.

CZ’s rejection of Bloomberg’s net worth report and his critical attitude on the depiction of the cryptocurrency sector in mainstream media both underscore the need of factual reporting. In conclusion, CZ’s position on the representation of the cryptocurrency industry in mainstream media is crucial. Reporting that is well-informed and provides a fair picture of the innovations and progress of the industry is required because of the growth potential of the sector and the rising usage of its products.


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FTX Future Fund Shut Down Following Exchange’s Collapse

In November 2022, FTX exchange and its subsidiaries collapsed, leading to the shutdown of its philanthropic arm, FTX Future Fund. The fund was sponsored by former CEO Sam Bankman-Fried and had pledged $1 billion in donations towards research academics across prestigious universities. The grants were focused on research projects for the safe development of artificial intelligence, reducing catastrophic bio-risk, improving institutions, economic growth, great power relations, and effective altruism.

However, following FTX’s bankruptcy filing, the team behind the FTX Future Fund resigned, leaving many scholars and researchers who were early recipients of the grant in limbo over the payment of further grants for their programs. According to a Reuters report, many students studying on the FTX grant were forced to drop out of their courses due to the fear of repayment.

Twenty academics from prestigious colleges, including Cornell, Princeton, and Brown universities in the United States, as well as Cambridge in Britain, received grants from the FTX philanthropy arm, totaling more than $100,000 each. Based on these announcements, further calculations suggest university-affiliated research initiatives received a total of more than $13 million.

Many of these academics who received the first grant have now found themselves in a tricky situation, with the next due date for fee submission already passed. As a result, many students were forced to drop out of the program after the first year. Others who did receive a full grant have found themselves in an ethical battle over whether to use the grant or return the funds, which might be part of stolen customers’ funds, as per the lawsuit against the crypto exchange and its founders.

While FTX asked recipients of payments from the debtors in the FTX bankruptcy filing to return their funds in an announcement, it didn’t mention the FTX Future Fund. However, a U.S.-based lawyer suggested that it will depend on the FTX trustees and their willingness to claw back small amounts, including philanthropic ones.

The collapse of FTX exchange has caused significant harm to its philanthropic arm, FTX Future Fund, and its beneficiaries. The shutdown of the fund has left many scholars and researchers stranded without the support they were promised, forcing some to drop out of their programs. The ethical implications of using or returning the funds have also caused concern among grant recipients, with some unsure of what to do next. It remains to be seen whether the FTX trustees will take action to claw back the philanthropic funds or whether the affected researchers and scholars will receive the support they were promised.


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Federal Judge Refuses to Consolidate Class-Action Lawsuits Against FTX Exchange

As a result of the decision taken by United States District Judge Jacqueline Scott Corley to refuse the motion to consolidate the cases, FTX and its defendants will have the right to react to the accusations that have been made by the plaintiffs. This right will come as a direct result of the fact that the motion to consolidate the cases was denied. A number of individuals have been named as defendants in the case because it is believed that they stole money or property. In addition to Bankman-Fried and other FTX executives, these defendants also include independent auditors and exchange promoters. Before taking any action, the judge’s decision underscores the importance of following the correct method and ensuring that all parties have the chance to be heard.

Criminal charges are being brought against Bankman-Fried in addition to the class-action lawsuits that have already been filed against the company. The criminal accusations are tied to alleged violations of anti-money laundering and banking regulations. The lawsuits that have been brought against the firm are connected to these claims in some way. The attorneys representing Bankman-Fried have recently stated that it is possible that the criminal trial that was scheduled to take place in October will need to be postponed in order to accommodate the fact that they are awaiting significant evidence as well as additional accusations that were brought against their client in February.

The ongoing legal conflicts that FTX and Bankman-Fried are involved in serve as a reminder of how vital it is for the bitcoin industry to preserve an atmosphere that is open and responsible to its participants. It is essential for companies, in order to ensure that they conduct business in a manner that is both ethical and responsible, to make the protection of investors and compliance with laws a top priority as the sector continues to develop and advance. This will ensure that businesses conduct themselves in a manner that is both ethical and responsible.


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FTX Looking to Launch its Own Stablecoin – Sam Bankman-Fried

Cryptocurrency trading behemoth, FTX Derivative Exchange may soon launch its own stablecoin as confirmed by its founder and CEO, Sam Bankman-Fried.


Speaking in an interview with Web3 news media, The Big Whale, Bankman-Fried discussed a number of the industry’s perceptions with respect to the exchange’s position atop the ongoing crypto winter.


As against the popular belief that FTX is the biggest winner in the industry based on its success in snapping up Voyager Digital and BlockFi, both crypto lenders that got riled up as prices of assets tumbled, Bankman-Fried reiterated that its role, irrespective of the perception is to help maintain industry balance which will, in turn, benefit everyone.


Acknowledging that this current crypto winter is the “first real Bear Market we’ve been through,” the FTX boss acknowledged that the market downtime is not affecting its business as such as it is always innovating.


“One of the main characteristics of crypto platforms is that our operation is not impacted by the market downturn any more than that,” he said, “Every day we continue to grow the business, create services and new tools for customers. So, yes, the markets are less dynamic, things are a little more tense, but in the end, it doesn’t take us off course.”


While the plan to launch the stablecoin did not come with many details other than it will be done in partnership with other key players in the space, the move did not come as a surprise seeing Binance exchange, the trading platform FTX is still trying to beat in terms of daily trading volume has launched its own stablecoin.


The collapse of TerraUSD (UST), the token linked to the Terra ecosystem has sent a cold shiver down the Web3 ecosystem with intensive scrutiny and oversight from regulators. With FTX’s stance, the exchange may be well-positioned to launch a stablecoin that will align with the regulator’s guidelines.

Image source: Shutterstock


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Sam Bankman-Fried Donates $16m to Democratic Super PACs in April: Bloomberg

FTX Derivatives Exchange’s Chief Executive Officer Sam Bankman-Fried has doubled down in his donations to Super Political Action Committees (PACs), with a total donation of $16 million in April.


As reported by Bloomberg, the donations were made in two tranches of $10 million and $6 million respectively.

The $10 million donations were given to Protect Our Future, a Super PAC that has a commitment to super candidates that have promises to help prevent the next pandemic. 

As the mid-term elections are approaching, the PAC has spent as much as $19 million to back Democratic candidates, including Carrick Flynn. Flynn ran for an open seat in Oregon’s 6th Congressional District but lost the primaries to Andrea Salinas, a state lawmaker who, according to Bloomberg could be Oregon’s first Latino woman elected to Congress should she win the seat in November.

The donated $6 million were given to a PAC connected to House Speaker, Nancy Pelosi dubbed The House Majority PAC. The donated funds have earned Bankman-Fried the highest donor to the PAC in April. This election season, Sam Bankman-Fried who has seen his net worth slashed by almost half to $11.3 billion in the wake of the current crypto market onslaught has donated a total of $31.5 million thus far.

Back in 2020, the FTX boss was the VIP amongst the biggest donors to President Joe Biden’s campaign and earned him his reputation as one of the top crypto investors with active engagement in American politics.

The mid-term elections, as with other mid-terms are a very pivotal one in the United States, and this time around, the Democrats will be looking to either maintain or extend the majority leader in the House. With a crypto representation joining hands to fund candidates, it is indicative of the role of crypto in seeking the common societal good.

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Goldman Sachs Lobbying FTX Exchange for an IPO Move

American investment banking giant Goldman Sachs is notably lobbying FTX Derivatives exchange if the crypto trading platform decides to go public through Initial Public Offering (IPO) shortly. (14).jpg

According to a report by the Financial Times, Goldman Sachs’ Chief Executive Officer (CEO), David Solomon, met with FTX Founder Sam Bankman-Fried back in March as both discussed many areas in which they can collaborate.

Primarily, Goldman Sachs was reportedly bolstering its role as an advisor to FTX related to the exchange’s dealings with the Commodity Futures Trading Commission (CFTC). The American banking giant will also like to be the broker should FTX decide to go public, assuming a similar role when Coinbase Global Inc went public on the Nasdaq Exchange last year.

Besides these salient aspects, the duo also discussed private fundraising options, collaboration on the market making in crypto trades, and Goldman offering traditional banking services to FTX, according to the sources that spoke to the Financial Times.

FTX Exchange is a trading platform that is making waves in many aspects. Following the enormous funds raised by the crypto unicorn in the past couple of years, it hit a $32 billion valuation in January. The exchange’s positive growth momentum has attracted a number of traditional legacy investors, including the Ontario Teachers Pension Plan and Softbank, amongst others.

The massive valuation of FTX has made the next logical milestone pegged at an IPO, and should Coinbase’s success story be trailed, the Bankman-Fried platform could also hit it off with investors in the public market. 

Besides its global operations, FTX has a dedicated and regulated subsidiary in the United States dubbed FTX.US, a startup that has grown its reputation for inking partnerships with sports teams and its strategic acquisitions, the latest of which is LedgerX, a CFTC-regulated derivatives service provider.

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21Shares Lists Decentraland and FTX Token ETPs on BX Swiss

The world’s largest issuer of crypto ETP’s 21Shares announced two new ETPs – tracking the performance of Decentraland and FTT. Both products will go live on the Swiss exchange – BX Swiss.

  • The exchange-traded products (ETPs) will allow traders and institutions to get exposure to the two assets without owning them outright. 21Shares Decentraland ETP (Mana) and 21Shares FTX Token ETP (AFTT) will be listed on BX Swiss, a Swiss stock exchange.
  • Decentraland (MANA) is a native token of the metaverse game by the same name. FTT, on the other hand, is the native cryptocurrency of the FTX exchange.
  • CEO and co-founder Hany Rashwan called the move a key milestone for the company as it aims to continue expanding its services.
  • Most recently, the firm launched ETPs tracking Aave, Chainlink, and Uniswap on the same Swiss exchange.

  • “Adding the worlds’ first NFT and single Metaverse ETP and one of the world’s leading crypto exchanges to our product suite is a key milestone for us in making crypto accessible for everyone.” – Rashwan explained.

  • Decentraland is one of the largest metaverse gaming projects so far. Its token (MANA) allows users to access in-game features, including buying land. So far, some $180 million worth of digital land was sold in-game.
  • FTX is one of the largest crypto exchanges that signed numerous impressive partnerships in the past year or so. Its FTT token enables clients to stake it and get trading fee discounts as well as participate in governance.
  • 21Shares is a pioneer in the crypto ETP space. In 2018, it released the first crypto index listing on the SIX Swiss Exchange. Currently, it manages around $2 billion in digital asset ETPs.
  • The firm offers a Crypto Basket Index ETP with the ticker HODL, which tracks the top 5 digital assets by the projected 2050 market cap.


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FTX To Giveaway Free Bitcoin During The Super Bowl LVI

Sam Bankman-Fried’s cryptocurrency exchange, FTX, announced that it will give away free Bitcoin to its fans as part of an advertising campaign during Super Bowl LVI on February 13.

The campaign is part of an effort by FTX to gain a more significant brand presence in the more mainstream audience of sports fans – especially considering that the Super Bowl is the most watched sports event in the United States.

The Right Time

Sam Bankman-Fried is an expert in aggressive and creative marketing tactics, and this campaign is no exception. It’s not your typical giveaway, and instead, it basically relies on luck —and timing.

No one knows how much money FTX will donate – and therein lies the creative part of the campaign. The exchange explained that the exact number of Bitcoins to be given away will depend on the time its ad appears on the TV screens of those watching the Super Bowl.

“We’re making our Big Game debut and giving away the time our ad runs in bitcoin … For example, if it runs at 9:02 EST, we’d give away 9.02 BTC.”

A total of 4 winners will be chosen, and the campaign is available for all US residents (from all 50 states except New York) who have followed the official FTX account and retweeted the FTX tweet alluding to the event between the time it airs and 11:59pm EST.


Sports Marketing Works For FTX

FTX has grown at a swift pace, gaining popularity among many cryptocurrency enthusiasts. The winning recipe is based on a combination of product diversification, good technology… and sports.

FTX was the first cryptocurrency exchange to buy an ad for the Super Bowl. As Cryptopotato previously reported, Sam Bankman-Fried’s exchange may have paid about $6.5 million.

Shortly after that, joined the race by buying another ad space, bolstering its presence in the U.S. market.

In addition to the NFL, FTX has gained a massive presence in the NBA – the US professional basketball league – after buying the naming rights to the former American Airlines Arena, home of the Miami Heats, and renaming it FTX Arena.

And the exchange also has a presence in the MLB —the US professional baseball league— after becoming the league’s cryptocurrency exchange partner. This partneship in particular has been ssuccesful that the exchange is now thinking on expanding even more, leveraging its presence in the sports business.  In an interview for Sports Buisness Journal, Brett Harrison, who heads the US branch of FTX explained that the exchange is now trying to go beyond simple brand awareness with its sports deals:

“We’re being told that the amount of exposure we’re getting through the umpires is unprecedented. We’re sort of past our initial branding-only deals … whether that is a direct path to revenue or some creative revenue sharing we have to see unique ideas and unique creative. People need to realize we are a technology vendor, a payments vendor.”

All things considered, it is easy to see how FTX is creating its own paths into the mainstream market, so it is very likely that the exchange will come up with a similar idea in the future. Too bad they used the 12-hour clock instead of the 24-hours one; giving away 20BTC at 20:00 hours seems much nicer than giving away 8BTC at 8pm.


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Coachella and FTX to Sell Lifetime Festival Passes as Solana-based NFTs

The multi-day music and arts festival held in California – Coachella – partnered with the crypto exchange FTX to introduce non-fungible token (NFT) collections to fans. The digital collectibles are built on the Solana network.

NFTs for The Music Fans

The Coachella Valley Music & Arts Festival, postponed in 2020 and 2021 due to the COVID-19 pandemic, is set to return this April. To provide fans with more opportunities on its comeback, it introduced a series of non-fungible tokens (NFTs) offering lifetime passes and VIP access to the event.

The three types include “Coachella Keys Collection,” “Sights and Sounds Collection,” and “Desert Reflections Collection.” The first one consists of 10 tokens and grants lifetime access to the festival and “unique experiences.” The second comprises 10,000 collectibles and depicts iconic photos and soundscapes from the Polo Fields.

“Desert Reflections Collection,” consisting of 1,000 NFTs, is the most expensive one with a starting price of $180. It celebrates Coachella’s 20-year history.

All digital collectibles are built on Solana, which Coachella described as an environmentally friendly blockchain protocol.


The team behind the festival vowed to donate the proceeds to charity organizations. Those include GiveDirectly, Lideres Campesinas, and Find Food Bank.

Sam Schoonover – Coachella’s Digital Innovation Manager – explained why the entity decided to dive into the NFT universe:

“We’ve all seen how NFTs enable true ownership of art and media on the internet. We wanted to take it one step further and use NFTs to enable ownership of experiences in the real world too. Only blockchain can give us the unique ability to offer tradable lifetime passes to Coachella for the first time ever.”

Those willing to purchase non-fungible tokens need to register with FTX US and complete an identity certification.

Some Are Not Fans of NFTs

Despite evolving as a global trend, non-fungible tokens are not an intriguing niche for everybody.

Earlier this week, the American rapper and fashion designer Kanye West urged his fans to stop asking him “to do NFTs.” In his view, essential items are those in the real world, not the digital one.

The podcast host and commentator – Joe Rogan – is also against digital collectibles. The American, a supporter of cryptocurrencies such as bitcoin, opined that NFTs are a “weird hustle that does not make any sense.”


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FTX Becomes The Cryptocurrency Exchange Provider for StockTwits

Investment-oriented social network StockTwits is expanding its services in a move to gain traction in the crypto-verse and take a slice of the audience that Twitter, Reddit, and even eToro have today.

Now, StockTwits users will have the opportunity to buy and sell cryptocurrencies directly from the app’s interface, offering an all-in-one experience for digital asset lovers.

FTX and StockTwits Strike a Deal That Could Benefit Near 6 Million Users

To achieve its goal, StockTwits partnered with FTX. The first batch will offer support for all cryptocurrencies available on the popular trading platform owned by Sam Bankman-Fried.

The two companies already have a history together. In late 2021, StockTwits raised over $30 million in a funding round led by Sam Bankman Fried’s VC fund, Alameda Research Ventures. At the time, Ramnik Arora, Head of Product at FTX, noted that they hoped to collaborate on offering services that would make cryptocurrencies more accessible to traditional investors while expanding StockTwits’ reach and its number of users.

If you like Crypto Twitter, you’re going to love StockTwits. Although it’s not a crypto-only ecosystem, users can set up a watchlist to exclusively view tickers that are interesting to them. When a user searches for a specific stock or cryptocurrency, StockTwits shows the price chart, volume, market sentiment, and most recent twits shared by the community.


Now, with the new integration with FTX, more than 6 million StockTwits users will also be able to buy or sell the tokens they follow without leaving the social network.

A Giant That Just Keeps Growing

FTX has been an ever-growing phenomenon with a marketing and business expansion strategy that has paid off. Since it bought the cryptocurrency information and price tracking app Blockfolio, the exchange began to innovate with various acquisitions, partnerships and business moves.

Perhaps the most relevant so far has been the purchase of the naming rights to the NBA Miami Heat’s stadium —the former American Airlines Arena. Now, one of the most famous basketball teams in the United States trains and plays at the FTX Arena.

But perhaps one of the most important victories for the platform is the acquisition of LedgerX as a first step to introduce its derivatives trading service in the US market, something that had already been announced as a priority in FTX US’s plans since 2021.

Since October 2021, FTX’s user base grew by 60%, and trading volume averaged $14 billion, according to figures shared by Sam Bankman-Fried himself to CNBC.


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