Sam Bankman-Fried (SBF), the disgraced founder and former CEO of bankrupt FTX, has continued to blame Changpeng Zhao (CZ), of Binance, for the downfall of FTX despite reports that confirm SBF mismanaged users’ funds.

Bankman-Fried claims that CZ played him after their recent fight on Twitter, where he declared the Binance CEO a winner.

Taking Out the Competition?

In an interview with Forbes before his arrest yesterday, SBF told Steven Ehrlich, director of research for Forbes Digital Assets unit, that Zhao was the mastermind behind the fall of FTX, valued at $32 billion, to take out a major rival in the market.

“My guess is he played me, and he played it well. I think he probably did better than he thought he would. I don’t think he thought this was going to be the outcome. I think he thought it was going to be damaging but not this damaging,” said SBF.

While it was unclear what game the former FTX CEO was referring to, CZ had earlier on November 6 disclosed that Binance would liquidate its FTT position, which the company obtained last year from the beleaguered firm before the bankruptcy.

The disclosure sprouted concerns from investors and the crypto community over the health of FTX. A few days later, the company started sinking, and Bankman-Fried reached out to Binance for a potential acquisition.

CZ Cared Less About the Acquisition Terms

Binance first agreed to buy out the firm and save it from collapsing but subsequently made a u-turn after corporate due diligence.

SBF noted during the interview that the Binance CEO “cared surprisingly little about the terms” of the failed deal, including the price.

FTX, alongside its 130 affiliates, eventually filed for bankruptcy protection at the United States Bankruptcy Court in Delaware on November 11. Since then, law enforcement has been investigating the cause of its implosion.

Last week, the rivals had an unpleasant fight on Twitter, with Bankman-Fried asking Zhao to stop lying about the specifics of the acquisition.

The FTX founder noted that the CZ threatened to leave the deal at the last minute if the company did not kick in an additional $75 million.

Meanwhile, SBF was arrested Monday night by Bahamas authorities at the request of the U.S. government. Shortly after, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) sued the former FTX CEO and his companies for defrauding U.S. investors.

~ By William A. Frederick ~