According to The Wall Street Journal, a Tether executive was concerned that Sam Bankman Fried (SBF), the former FTX CEO sought to disrupt the crypto market to save the bankrupt exchange. Signal group conversations titled “Exchange coordination”, obtained by The Wall Street Journal show that there was a dispute between CZ, SBF and CZ on November 10. The conflict stemmed from Bankman Fried’s trading company, Alameda Research. The Binance CEO and others believed Bankman Fried’s moves to weaken Tether. A dip in the price of USDT on crypto exchanges may have pulled down the price of other cryptocurrencies.According to persons familiar with the talks, other members of the Signal group included Paolo Ardoino, chief technical officer of Tether Holdings Ltd., Justin Sun, inventor of the crypto network Tron, and Kraken co-founder Jesse Powell, among others.According to the article, CZ and others in the group were concerned that Alameda Research’s moves might depeg the stablecoin, causing a ripple effect in crypto values. According to reports, Binance CEO approached SBF.
Stop trying to depeg stablecoins. Stop doing anything. According to the Journal’s messages, Zhao said that Zhao should stop now and not cause more damage.
Bankman-Fried made a statement to The Journal in which he refuted the Signal messages charges. US prosecutors are currently investigating SBF, claiming that his market action was fraudulent. SBF is currently being investigated by US prosecutors, who argue that his market action was fraudulent.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: BinanceChangpeng ZhaoCZPaolo ArdoinoSam Bankman-FriedTether