The former CEO of Binance, Changpeng Zhao (CZ), hinted exciting details on his next book, revealing that he considered a possible link between the FTX, Three Arrows Capital (3AC) and the famous Terra (Luna) of 2022. Although he has refrained from making direct accusations, his comments began a new speculation on the events that dug the Crypto market.
New evidence raises questions
CZ’s comments came in response to a position by an FTX creditor, @mbottjer, who shared that 3AC had revealed evidence showing that FTX liquidated $ 1.53 billion of its assets only two weeks before 3ac was collapsed. A judge confirmed this assertion, adding another layer to the complex network of cryptographic failures that rocked the market.
I was thinking about this when writing this section of the book… I didn't want to speculate; there were rumors, but I never saw hard evidence.
— CZ 🔶 BNB (@cz_binance) March 14, 2025
The appellant an “interesting turn of events”, CZ admitted that it was news for him. He then raised a key question: could there be a link between FTX and the collapse of the Luna token of Terraform Labs and Stablecoin UST in May 2022? This crash sparked a chain reaction, lowering bitcoin and other cryptocurrencies.
Has the terra crash been deliberate?
Crypto Martyparty analyst responded to CZ comments, saying that he had already presented evidence on chain showing that Celsius and FTX have removed huge quantities of UST from liquidity pools at a critical moment. He said that the two companies dreamed $ 200 million in UST, which caused Luna to be lost and triggered the merger.
If this is true, it would suggest that the 2022 market crash was not only due to mismanagement of risk, but could have been a decision coordinated by the main players in the cryptographic space.
A story adapted to a documentary?
A User on X suggested that the whole saga FTX deserved a documentary series. CZ replied by saying that he had considered these links when writing his book. However, he clearly indicated that he had found no solid evidence, explaining,
“I didn’t want to speculate; There were rumors, but I have never seen any tangible evidence. »»
CZ has already finished a draft of 114,000 words from his book and even printed a physical copy. However, he admits that the polishing for the publication will take much more effort.
What CZ’s book could reveal
The world of cryptography is always recovering from 2022 chaos, CZ’s book should give its point of view on some of the most turbulent years in industry. Whether it discovers new shocking details or will serve as personal reflection, remains to be seen, but anticipation increases.
For the moment, the CZ remains cautious, sticking to facts rather than speculation.