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CZ, the founder of Binance, the world’s largest cryptocurrency exchange, has released a new book. In this book, which recounts events from his life, CZ has generated considerable buzz.
In his book, which he began writing while incarcerated in the US, CZ touched upon many significant events, from China’s 2017 ban that dealt a major blow to the crypto world, to the bankruptcy of FTX, the $LUNA crash, and the Ethereum (ETH) opportunity.
Regarding China’s ban on Bitcoin and cryptocurrencies, CZ said he and his ex-wife He Yi removed the SIM card from their phones to avoid being tracked.
I Never Really Considered Buying an FTX!
Secondly, addressing the FTX bankruptcy, CZ said that SBF demanded billions of dollars during FTX’s collapse as if they were ordering a sandwich. CZ stated that Binance never actually planned to go through with the FTX deal, never seriously considered buying FTX, and had little interest in helping SBF.
In his book, CZ recalled that FTX founder SBF demanded billions of dollars during the stock market crash. Zhao stated that the root cause of the crash was a critical mistake made by Caroline Ellison, who was then the CEO of FTX’s sister company, Alameda Research.
Ellison stated that Binance’s offer to buy FTT assets at $22 per token triggered a price floor, leading many investors to open short positions and causing a sharp price drop.
$LUNA I didn’t sell it!
In his book, CZ also touches upon the Terra/$LUNA collapse, stating that they thought extensively about whether or not to sell the product, but ultimately decided against it.
CZ recalled that they had invested $3 million in $LUNA in the early stages of 2018, and noted that their position had reached a peak value of $1.6 billion.
According to CZ, he considered selling his assets during the stock market crash but ultimately abandoned the idea.
“When the decline started, we considered selling again, but we thought about the small investors. Also, we didn’t want to be in a position of being the company that was selling.”
CZ also added today that they still hold a large portion of their $LUNA tokens.
Vitalik Buterin and His Ethereum Regret!
CZ stated that he first met Ethereum founder Vitalik Buterin at the Bitcoin Summit in Las Vegas in December 2013, and that in May 2015 he stayed at Vitalik’s house in Tokyo, sleeping in a bunk bed with his eight-year-old son.
Despite knowing Buterin for a long time, he stated that he didn’t invest in Ethereum at the time and missed a great opportunity.
“Thanks to Vitalik, I was also following Ethereum, but I never invested. What a huge opportunity I missed! I could have made hundreds of times the profit. Maybe if I had made that profit, I wouldn’t have founded Binance. Binance wouldn’t exist today. Fate has a different plan for everyone.”
*This is not investment advice.