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Changpeng "CZ" Zhao, CEO of Binance and a Tether executive, was concerned that former FTX CEO Sam Bankman-Fried (SBF) was aiming to disrupt the cryptocurrency market.
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whose objective is to save the now-insolvent exchange, as stated un the report from December 9.
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The Wall Street Journal has messages from a Signals group chat marked "Exchange Coordination" that show a dispute between CZ and SBF on November 10 regarding Tether's stablecoin USDT.
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According to the report, CZ and the other group members were worried that Alameda Research's trading strategy of shorting stablecoins would have a detrimental effect on the valuations of cryptocurrencies.
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In a statement to the WSJ, SBF refuted the allegations. Among its members are Paolo Ardoino, chief technology officer of Tether, and Jesse Powell, co-founder of Kraken.
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The claimed dispute took place the day after Binance stated it wouldn't help ailing rival FTX, citing "claims surrounding mishandled client cash and purported US agency investigations."
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On November 10, Ardoino added that Tether has no "plans to invest in or lend money to FTX/Alameda."
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On November 10, Ardoino added that Tether has no "plans to invest in or lend money to FTX/Alameda."
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CZ called Bankman-Fried a "fraudster" in a twitter chat and claimed that Binance had sold its holdings in FTX in July 2021 because it had grown "increasingly uneasy with Alameda/SBF."
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The CEO of Binance claimed that SBF was "unhinged" at the exchange's decision to leave.
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