{"id":96006,"date":"2026-04-08T13:58:27","date_gmt":"2026-04-08T10:58:27","guid":{"rendered":"https:\/\/u1f987.com\/en\/?p=96006"},"modified":"2026-04-08T14:01:16","modified_gmt":"2026-04-08T11:01:16","slug":"czs-autobiography-a-call-from-sam-bankman-fried-and-a-run-in-with-gary-gensler","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/czs-autobiography-a-call-from-sam-bankman-fried-and-a-run-in-with-gary-gensler\/","title":{"rendered":"CZ\u2019s autobiography: a call from Sam Bankman-Fried and a run-in with Gary Gensler"},"content":{"rendered":"<p>On 8 April, Binance founder Changpeng Zhao (CZ) published a book, Freedom of Money. It recounts the exchange\u2019s creation, his imprisonment, <a href=\"https:\/\/u1f987.com\/en\/news\/greed-and-recklessness-why-the-ftx-collapse-is-being-likened-to-the-2008-crisis\">the collapse of FTX<\/a> and a curious episode involving former <span data-descr=\"US Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> chair Gary Gensler.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The book Freedom of Money is live in some countries already.<\/p>\n<p>It seems the book will be available to everyone on April 8th at 12:00 AM in their own time zone.<\/p>\n<p>If you have trouble falling asleep at midnight today, grab a copy today. All proceeds go to charity.<\/p>\n<p>English \ud83d\udc49\u2026<\/p>\n<p>\u2014 CZ \ud83d\udd36 BNB (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/2041687406802284699?ref_src=twsrc%5Etfw\">April 8, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>CZ said he would donate all proceeds from the book to charity.\u00a0<\/p>\n<p>The foreword is by Binance co\u2011founder <a href=\"https:\/\/u1f987.com\/en\/news\/yi-he-the-influential-force-behind-binance\">Yi He<\/a>, who has worked with Zhao since 2014. She now serves as co\u2011CEO alongside <a href=\"https:\/\/u1f987.com\/en\/news\/who-is-binances-new-ceo-richard-teng\">Richard Teng<\/a>.\u00a0<\/p>\n<p>The memoir\u2019s theme is in the title. To Zhao, the freedom of money lies in cryptocurrencies\u2019 ability to remove barriers to financial access, especially in regions with weak banking infrastructure or tight capital controls.<\/p>\n<p>The text is interspersed with photographs from Zhao\u2019s archive: from the family\u2019s move to Vancouver and his first computer to shots with <a href=\"https:\/\/u1f987.com\/en\/news\/who-is-vitalik-buterin\">Vitalik Buterin<\/a> and the exchange\u2019s hurried relocation from China after the crypto ban.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">CZ has revealed many photos for the first time in his newly released autobiography: <\/p>\n<p>A photo of CZ with his sister and parents on August 6, 1989, when they first arrived at Vancouver Airport. <\/p>\n<p>In 1990, CZ first encountered the x286 computer in Vancouver. <\/p>\n<p>In 2014, CZ took\u2026 <a href=\"https:\/\/t.co\/LLsruv75NV\">pic.twitter.com\/LLsruv75NV<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/2041756800060682400?ref_src=twsrc%5Etfw\">April 8, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">His account of FTX\u2019s collapse<\/h2>\n<p>CZ says that in November 2022, during a phone call before <a href=\"https:\/\/u1f987.com\/en\/news\/binance-chief-changpeng-zhao-announces-purchase-of-ftx\">Binance\u2019s attempt to acquire FTX<\/a>, Sam Bankman\u2011Fried asked him for \u201ca couple of billion dollars\u201d.\u00a0<\/p>\n<p>According to the Binance founder, the request was casual, \u201cas if it were about a ham sandwich.\u201d Zhao had not intended to do a deal; the letter of intent was merely a formality to assess the situation and protect users.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cI had zero desire to own FTX. I wasn\u2019t particularly concerned about helping Sam Bankman\u2011Fried either. But I thought we might have to step in to protect users and the industry,\u201d he added.<\/em><\/p>\n<\/blockquote>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/img-06c2850e077b40fb-1247066043225226.webp\" alt=\"Changpeng Zhao and Sam Bankman-Fried\" class=\"wp-image-278151\"\/><figcaption class=\"wp-element-caption\">Changpeng Zhao and Sam Bankman\u2011Fried. Source: <a href=\"https:\/\/x.com\/WuBlockchain\/status\/2041764841438974457\/photo\/1\">X<\/a>.<\/figcaption><\/figure>\n<p>In CZ\u2019s view, the trigger for FTX\u2019s demise was a public statement by Caroline Ellison, the former head of Alameda Research. He called her <a href=\"https:\/\/u1f987.com\/en\/news\/alameda-research-says-it-would-buy-ftt-from-binance-at-22-per-token\">offer<\/a> to buy Binance\u2019s FTT holdings at $22 to stabilise the market a fatal mistake.<\/p>\n<p>By revealing a support level, Ellison prompted professional traders to short below it. The token fell to $15, then $5. Within 72 hours, $6bn was withdrawn from the exchange.<\/p>\n<p>CZ also described an Exchange Collaboration group chat on Signal. It was created by FTX employee Zane Tackett during the <a href=\"https:\/\/u1f987.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">Terra\/LUNA crash<\/a>. Besides Zhao and Bankman\u2011Fried, Coinbase chief executive Brian Armstrong and Kraken\u2019s Jesse Powell were in the group.\u00a0<\/p>\n<p>The chat later drew interest from the Department of Justice and the SEC.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThey were looking for any hints of collusion or manipulation among exchanges. Of course, in our case there was nothing of the sort,\u201d CZ said.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>On 9 November Binance <a href=\"https:\/\/u1f987.com\/en\/news\/binance-abandons-bid-for-ftx-justin-sun-says-he-will-help-find-a-solution\">walked away<\/a> from the deal. The platform\u2019s FTT holdings, once valued at $580m, were wiped out. Zhao likened it to losing $1.6bn on LUNA investments six months earlier.<\/p>\n<p>A run on the exchange followed: on 14 December $7bn was withdrawn in a day. CZ admitted he was worried, even though all user funds were in reserves. Within a month, clients returned deposits, surpassing previous levels.<\/p>\n<h2 class=\"wp-block-heading\">A run\u2011in with the SEC chair and \u201cbehind\u2011the\u2011scenes\u201d feuds\u00a0<\/h2>\n<p>In 2019 Zhao met Gary Gensler, then a former <span data-descr=\"US Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> official, and offered him an advisory role at Binance, which he declined.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">On March 29, 2019, in Tokyo, CZ posed for a photo with former CFTC official Gary Gensler. He did not anticipate the future SEC chairman&#8217;s crackdown on cryptocurrencies. <a href=\"https:\/\/t.co\/1nOAIkGJAu\">pic.twitter.com\/1nOAIkGJAu<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/2041757164998730165?ref_src=twsrc%5Etfw\">April 8, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>By then, Gensler already planned to lead the SEC, which he later did. Notably, it was during his chairmanship that the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">sued<\/a> Binance, and Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/binance-founder-released-ahead-of-schedule\">served<\/a> a four\u2011month sentence in a US prison.<\/p>\n<p>CZ also writes that Huobi founder Li Lin told him in 2025 he had been arrested because of a tip\u2011off from OKX founder Star Xu. Xu denied it.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zh\" dir=\"ltr\">1\ufe0f\u20e3 \u6b64\u4e8b\u7eaf\u5c5e\u4e0d\u5b9e\u4fe1\u606f\u3002<br \/>\u5728\u4e9a\u6d32 Crypto \u884c\u4e1a\uff0c\u4efb\u4f55\u6709\u89c4\u6a21\u7684\u5e73\u53f0\u548c\u521b\u59cb\u4eba\uff0c\u6bcf\u5e74\u90fd\u4f1a\u9762\u4e34\u5927\u91cf\u4e3e\u62a5\u4e0e\u6295\u8bc9\u3002\u5982\u679c\u4e3e\u62a5\u672c\u8eab\u5c31\u80fd\u51b3\u5b9a\u7ed3\u679c\uff0c\u8fd9\u4e2a\u884c\u4e1a\u65e9\u5c31\u4e0d\u5b58\u5728\u4e86\u3002\u706b\u5e01\u7684\u674e\u603b\u60c5\u5546\u5f88\u9ad8\uff0c\u591a\u5e74\u6765\u80fd\u628a\u8eab\u8fb9\u7684\u5404\u7c7b\u4eba\u7269\u90fd\u7ba1\u7406\u7684\u5f88\u597d\uff0c\u4ed6\u4e0d\u5e94\u8be5\u76f8\u4fe1\u8fd9\u79cd\u8fdd\u80cc\u5e38\u8bc6\u7684\u9b3c\u8bdd\u3002<\/p>\n<p>2\ufe0f\u20e3\u2026 <a href=\"https:\/\/t.co\/tulg5YGmaF\">https:\/\/t.co\/tulg5YGmaF<\/a><\/p>\n<p>\u2014 Star_OKX (@star_okx) <a href=\"https:\/\/twitter.com\/star_okx\/status\/2041754856814235695?ref_src=twsrc%5Etfw\">April 8, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cAfter four months in prison, this man continues to spout nonsense to the world. I can only say: for someone used to lying, true nature never changes,\u201d Xu said.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Zhao also recalled that in May 2015 the head of OKX publicly alleged forged signatures in contracts. The accusation, which CZ rejected, dealt a serious blow to his business reputation, the book says. In response, Xu again posted to back up his claim.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I had no intention of revisiting these old issues involving CZ from when I was younger. But since I\u2019ve been dragged into this again because of the book, let\u2019s restate the facts.<\/p>\n<p>During his time at OKCoin, evidence of contract falsification was already made public on the internet\u2026 <a href=\"https:\/\/t.co\/c9RzpjiPqV\">https:\/\/t.co\/c9RzpjiPqV<\/a><\/p>\n<p>\u2014 Star_OKX (@star_okx) <a href=\"https:\/\/twitter.com\/star_okx\/status\/2041766531122823215?ref_src=twsrc%5Etfw\">April 8, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, in an interview with Colin Wu, Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-on-ethereums-outlook-and-the-reasons-for-solanas-surge\">spoke<\/a> about his childhood, moving to Canada and Binance\u2019s rise.\u00a0<\/p>\n<p>In March 2026, a US court dismissed a lawsuit against the exchange and CZ over terrorism financing.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 8 April, Binance founder Changpeng Zhao published a book recounting the exchange\u2019s creation, the collapse of FTX and a run-in with former SEC chair Gary Gensler.<\/p>\n","protected":false},"author":1,"featured_media":96007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"CZ\u2019s new book recounts Binance\u2019s rise, FTX\u2019s fall and a run\u2011in with Gary Gensler.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,1236,1181,1403],"class_list":["post-96006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-ftx","tag-gary-gensler","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"CZ\u2019s new book recounts Binance\u2019s rise, FTX\u2019s fall and a run\u2011in with Gary Gensler.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/96006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=96006"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/96006\/revisions"}],"predecessor-version":[{"id":96008,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/96006\/revisions\/96008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/96007"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=96006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=96006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=96006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}