Binance CEO Binance Casts Himself as the New Saviour of Cryptography
Among the many things that were destroyed in the collapse of FTX was Sam Bankman-Fried’s image as the crypto industry’s benevolent king. The man who tweeted his death seems to be pursuing that job.
Binance Holdings Ltd.’s Changpeng Zhao “CZ”, the head, has been posting a series of tweets and comments over recent days, seemingly to boost his reputation as crypto’s standard bearer. Monday saw him announce a fund to help crypto firms in crises.
Even though he wasn’t very specific, this led to a rebound in digital-asset prices. CZ also revealed plans to create a global industry body that will serve major crypto companies.
Binance has created an industry recovery fund to assist projects that are otherwise strong but are in a liquidity crisis. This is to reduce the negative cascading effects of FTX. More details to come soon. Binance Labs can be reached at the following address:
“Crypto will not disappear. We are still here. Let’s rebuild,” Zhao (45), said in his Monday tweet thread, announcing the recovery funds.
Recent public comments also highlighted the need for trust to be restored in a sector that has been rocked by a number of scandals. Binance did not respond to our request for comment.
FTX’s bankruptcy has rekindled worries about everything, from the legitimacy and soundness of crypto’s leaders to the soundness of its fundamental structures. Former Treasury Secretary Lawrence Summers compared the company to Enron Corp. — whose reorganization was, coincidentally enough, overseen by the man now tapped for FTX.
If the industry has ever been in desperate need of a united voice to dispel skeptics, and strengthen its crumbling credibility it is now.
Zhao’s role in the latest financial meltdown could make him less of an industry champion. Despite the fact that FTX was likely to have been in trouble for a long time, CoinDesk’s Nov. 2 CoinDesk article highlighted. The Binance CEO is no stranger to the tweet-first-ask-questions-later ethos of crypto, an industry where leaders routinely use the platform to disparage each other.
Richest Man In Crypto
These numbers are only a fraction of Zhao’s crypto reach, with Binance being a force in all things venture capital and decentralized finance.
Only Bankman-Fried, Vitalik Buterin, Coinbase CEO Brian Armstrong, and Galaxy Digital founder Michael Novogratz have anything comparable to Zhao’s worldwide name recognition.
According to the Bloomberg Billionaires Index Zhao has an $18.2 Billion personal fortune. This is far more than any other crypto investor.
Toby Lewis, CEO of Novum Insights, a crypto analytics company, stated that “CZ and Binance” are two of the few groups (or perhaps the only ones) that can fill the current gap in terms of size and clout.
