Binance Refutes Role in FTX Collapse Following Controversial Tweet

Binance, following a controversial tweet by its founder and CEO Changpeng Zhao, issued a statement denying allegations that it sought to destabilize FTX. This tweet prompted investor distrust and mass withdrawals from FTX, leading to the exchange’s eventual bankruptcy filing. Binance states that its decision to liquidate FTT holdings was precautionary, aimed at reducing risk exposure rather than instigating turmoil. The incident ignited debate over FTX’s financial stability.