CZ Slaps Back at Wall Street Journal Over SBF “Savior” Remark

  • Changpeng Zhao slaps back at New York-based Wall Street Journal in a post on X.
  • The post called out WSJ for referring to SBF as a “savior” of the crypto market.
  • This could be in response to a WSJ publication citing Binance’s imminent downfall.

Binance CEO and Co-Founder, Changpeng Zhao fired back at the Wall Street Journal, a New York-based news and media publication, for referring to bankrupt exchange FTX CEO Sam Bankman-Fried “SBF” as a “savior”.

On September 27, Zhao posted on X (formerly Twitter) concerning a WSJ publication, which said:

“The chief executive of cryptocurrency exchange FTX Trading Ltd. has appointed himself the industry’s savior—and crypto investors are closely watching his moves after months of market carnage.”

The publication makes mention of the 30-year-old CEO as a self-appointed industry “savior,” referring to his attempts to revive and stabilize the crypto market after it seemingly collapsed following the FTX exchange scandal.

Several users have responded to Zhao’s X post with part humor and sarcasm, as Bankman-Fried was indicted in late February on multiple criminal fraud charges related to FTX. A crypto influencer and enthusiast said, “SBF to save crypto? What a time to be alive!!”

Notably, Bankman-Fried’s actions about the FTX scandal were regarded by the US Attorney for the Southern District of New York as “one of the biggest financial frauds in American history”.

Zhao seemingly dissed the publication and Bankman-Fried, in what could be a response to a WSJ publication posted on September 26. The publication says:

“Under threat of enforcement actions by U.S. agencies, Binance’s empire is quaking. Over the past three months, more than a dozen senior executives have left, and the exchange has laid off at least 1,500 employees this year to cut costs and prepare for a decline in business. And while Binance still looms large in crypto, its dominance is dwindling.”

In the publication, WSJ dissected how the “world’s biggest crypto firm is melting down”, especially given the ongoing threat of law enforcement in the United States, which could eventually lead to its downfall.

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