Binance CEO Changpeng ‘CZ’ Zhao knew Sam Bankman-Fried was in a desperate situation when the former CEO of the now-bankrupt FTX exchange called him for a bailout.
CZ opened up on the events that nearly saw Binance come to the rescue of its ailing industry competitor as a credit crunch sent FTX into an inescapable spiral. Speaking at the Milken Institute’s fourth annual Middle East and Africa summit, CZ reflected on the fateful call with SBF as the latter looked to save his struggling exchange:
“When he came to me, I knew he was desperate. If we can’t help him, there’s probably nobody else that would. Probably a bunch of people passed on the deal before us.”
CZ admitted that he had intended to explore a lifeline for