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Squawk Pod

CZ and SBF: Spilling the Alphabet Soup of a Crypto Catastrophe 11/17/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2543 Ratings

🗓️ 17 November 2022

⏱️ 39 minutes

🧾️ Download transcript

Summary

Today's Squawk Pod is brought to you by the letters CZ, SBF, FTX … and BUSD? AML? There is, seemingly, no end to the many, many abbreviations, initials and vernacular related to the collapse of crypto exchange FTX and the aborted deal by the world’s largest crypto exchange, Binance, to buy it out before bankruptcy. Binance CEO Changpeng Zhao “CZ” slams the behavior of his one-time friend and professional rival, FTX’s former leader Sam Bankman-Fried: “I’m just shocked.” CZ tells his behind-the-scenes story of Binance’s due diligence into the books at FTX and decision to walk away from acquiring the platform. Squawk Box anchors Joe Kernen, Becky Quick and Andrew Ross Sorkin get into all the tweets, the tokens, the DMs, the PR stunts, and what’s next for folks at places like the SEC and the DOJ. Plus, the Republicans make a House majority official and Ticketmaster’s Taylor Swift fiasco hits Swifties of all generations. In this episode: CZ, @cz_binance Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0

Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pod.

0:07.0

In Alphabet Soup, brought to you by the letters FTX, SBF, and CZ.

0:14.3

I'm just shocked.

0:15.2

Shaopeng-Jao, CZ, runs the world's largest

0:18.4

cryptocurrency exchange, Binance, and he walked away

0:21.5

from the role of Savior when rival FTX collapsed.

0:24.8

I got a call from Sam 24 48 hours after I made a tweet and he wanted to talk.

0:30.4

CZ slams the behavior of Sam Bankman Freed

0:34.0

S-B-F during the dramatic downfall of a crypto darling.

0:38.0

It was pretty clear, pretty soon that

0:40.0

that's misappropriation of user funds.

0:42.0

User funds are gone.

0:43.5

FTX was at one time worth $32 billion.

0:47.8

Now, bankrupt.

0:49.3

Can you fathom that he lied to you like this

0:51.4

if that's the case?

0:52.3

I obviously did not know him until about a week or so ago.

0:55.0

Everyone's on the crypto story, but only we have THE crypto story from a player at the center of the saga.

1:01.0

This incident was set us back a bit,

1:04.1

but then the industry will become healthier.

1:05.8

So it's actually better in the long run.

1:07.2

It's just surprising that so many people at those levels

...

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