In the wake of the collapse of the FTX cryptocurrency exchange, there has been a heated exchange of words between Binance CEO Changpeng Zhao (CZ) and Canadian investor Kevin O’Leary over their alleged involvement in the company.
O’Leary testified at a Congressional hearing on the FTX collapse on December 14, where he claimed that Binance and FTX were in competition and that Binance had intentionally put FTX out of business.
O’Leary also claimed that he had contacted former FTX CEO SBF, who told him that FTX had spent $2-3 billion in off-balance sheet funds buying back FTX stock from Binance in an effort to prevent the exchange’s collapse.
CZ denied these claims and accused O’Leary of making “nonsense claims” and of being a liar.
The exchange between the two men has raised concerns about the possibility of arrests or Madoff Clawbacks for funds received from FTX.