XRP Lawyer Destroyed ‘Expert’ Who Blamed Binance for FTX Crash, CZ Reacts

XRP Lawyer Destroyed 'Expert' Who Blamed Binance for FTX Crash, CZ Reacts
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The fall of the FTX cryptocurrency exchange has been a topic of much discussion and speculation. A recent episode from the popular TV show “60 Minutes” added fuel to the fire by suggesting that Binance’s actions led to the downfall of FTX. The show’s pundit claimed: “They had a real big business. If no one had slandered the business, if there hadn’t been a run on customers’ deposits, they would still be making tons of money.”

Ripple lawyer John Deaton was quick to challenge this narrative. In a tweet, Deaton criticized the “expert” for essentially blaming Binance for FTX’s downfall. He questioned the intelligence of anyone who suggested that smearing the business led to a run on customer deposits, thus causing FTX’s financial problems.

Binance founder Changpeng Zhao (CZ) also weighed in on the controversy. In response to Deaton’s tweet, CZ said, “I’m probably wishing everyone else was this stupid, but…”

The exchange between Deaton and CZ highlights the complexities and nuances involved in the fall of FTX. Blaming Binance for casting aspersions that led to a run on customer deposits oversimplifies the issue and ignores other potential factors that could have contributed to the collapse. Furthermore, it raises questions about the credibility of the “expert” who made such a claim on a platform as influential as “60 Minutes.”

The crypto community is no stranger to controversies, and the fall of FTX is a stark reminder of the risks involved in the industry that even apply to the largest and most notable platforms in the market. However, blaming a single entity for the downfall of another is not only unfair but also misleading. It is crucial to examine the situation from multiple angles to understand what really happened.

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