The billionaires who run the two largest crypto trading platforms have set themselves apart from one another at every turn, often acidly.
That rivalry reached a surprise conclusion on Tuesday. Not long after Zhao posted a tweet criticizing FTX’s crypto tokens and lobbying efforts, Bankman-Fried unexpectedly announced that Binance probably would acquire FTX. “I’m sorry I didn’t do better,” Bankman-Fried later wrote in a letter to investors.
The maneuver takes Zhao — CZ, as he’s widely called by industry insiders — from an influential figure little known by the general public to the crypto world’s undisputed king.
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