Facing intense legal scrutiny, Mr. Zhao, 47, who goes by the initials CZ, was often dismissive. He described the concerns about Binance as “FUD,” or fear, uncertainty and doubt — shorthand in the crypto world for false rumors intended to hurt a business.
In November 2022, Mr. Zhao’s industry power increased after he helped bring down Mr. Bankman-Fried with a series of social media posts that prompted a run on FTX’s accounts. When FTX didn’t have the money to repay its customers, Mr. Zhao briefly agreed to buy…
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