$BNB Pay attention to this news that I just found and that leaves us with a very deep reflection on transparency. It turns out that CZ, the founder of Binance, has just published his memoir called "Freedom of Money" and in it, he recounts what he really experienced when the disaster of FTX occurred in 2022.
FTX was one of the largest exchanges (platforms to buy and sell cryptocurrencies) in the world, almost as big as Binance. Its owner was a young man named Sam Bankman-Fried (known as SBF), who appeared in all the magazines and was seen as a "genius" of finance.
However, in November 2022, everything collapsed in just a few days.
He recounts that the owner of FTX called him to ask for billions of dollars with incredible calm, saying it was "like asking for a bologna sandwich," not caring about the risk. CZ explains that he never had a real intention to buy that company, that he only reviewed the numbers in case he could help the industry, but upon seeing the mess, he withdrew immediately.
But what should make us think the most is that, after that chaos, Binance suffered a massive withdrawal where users withdrew 7 billion dollars in a single day. CZ recounts that that night he was calmly dining with his friends, with total peace of mind, because he knew that at Binance, users' funds are there, backed peso by peso.
Within a month, all the money had returned because people understood who was doing things right.
This story teaches us that in life and in business, honesty is what allows you to sleep peacefully when the storm arrives.
I share this because we are here to learn and help, and to understand that trust is earned with actions, not with words.
What do you think of this lesson from CZ about maintaining calm and transparency?
Are you going to buy the book? I would like to read it. I think there is no version in Spanish 🥹
FTX was one of the largest exchanges (platforms to buy and sell cryptocurrencies) in the world, almost as big as Binance. Its owner was a young man named Sam Bankman-Fried (known as SBF), who appeared in all the magazines and was seen as a "genius" of finance.
However, in November 2022, everything collapsed in just a few days.
He recounts that the owner of FTX called him to ask for billions of dollars with incredible calm, saying it was "like asking for a bologna sandwich," not caring about the risk. CZ explains that he never had a real intention to buy that company, that he only reviewed the numbers in case he could help the industry, but upon seeing the mess, he withdrew immediately.
But what should make us think the most is that, after that chaos, Binance suffered a massive withdrawal where users withdrew 7 billion dollars in a single day. CZ recounts that that night he was calmly dining with his friends, with total peace of mind, because he knew that at Binance, users' funds are there, backed peso by peso.
Within a month, all the money had returned because people understood who was doing things right.
This story teaches us that in life and in business, honesty is what allows you to sleep peacefully when the storm arrives.
I share this because we are here to learn and help, and to understand that trust is earned with actions, not with words.
What do you think of this lesson from CZ about maintaining calm and transparency?
Are you going to buy the book? I would like to read it. I think there is no version in Spanish 🥹