Binance CEO "CZ" Exposes Himself as a Fraud | Crypto Collapse.

we want to be transparent we want to set

the golden standard for reliability

solidness in the space so would you be

able to handle it if somebody asked you

for 2.1 billion dollars back would that

be okay would you be able to still

withstand things

we're financially okay

including you have 2.1 billion dollars

to give away if somebody came to recla

to Claude that back you'd still be fine

we'll let the lawyers handle it I find

we are financially strong

CNBC just absolutely destroyed CZ from a

binance if you still had any trust left

for CZ it should be gone after this

interview it is so evasive and

disgusting and it follows a Bloomberg

article from November where we were told

that individuals who have tried to sue

binance.com have found that it's almost

impossible to sue them because the

binance platform is not owned by any

company or other legal entity it's owned

by a Litany of companies and it's

potentially just all owned by CZ but

nobody knows how to actually even sue

the right company or organization

because it's so arcanely orchestrated so

it's no surprise that his company has

operated out of the Cayman Islands and

that Bloomberg here suggests that maybe

he's avoiding even visiting the United

States because if he shows up to the

United States He fears he might be

arrested or a quote like this there are

other signs of cz's pivot to Convention

reality might not be entirely urgent the

day of the interview CZ said a reporter

could visit the new Dubai office they

had but after a flurry of emails calls

and texts during which assistants and PR

Consultants made an array of excuses a

binance representative said that oh in

fact the office was closed because of a

surge of covet cases which the reporters

found odd because CZ had made no

reference to the disease during the

interview nor had anyone else at the

company mentioned that covid was an

issue yet the previous day binance

arranged a separate interview with the

company's head of Middle Eastern

operations who showed up unmasked at a

crowded hotel lobby where he appeared to

be conducting in-person meetings in the

lobby rather than at any of their

offices but forget Bloomberg maybe

Bloomberg's wrong let's just hear

directly from the man himself this 2.1

billion dollars that Becky quick asks

for is a reference to 2.1 billion

dollars that they were received

potentially from FTX obviously now

bankrupt crypto exchange thanks to the

blatant fraud of Sam bankman freed

running out of liquidity at his trading

firm Alameda research and then deciding

to use customer assets instead so

obviously when CZ says yeah we got 2.1

billion dollars from FTX but we're not

exactly sure where that money is now or

we kind of forgot about it wasn't really

important to us even after ftt price

dropped over the last year we still had

500 million dollars worth of it uh 580

million dollars worth of it on the day

when we transferred from the address we

received it a year and a half ago we

never touched it we actually actually

kind of forgot about it it kind of makes

you wonder if FTX had terrible

accounting practices why doesn't CZ know

where the money is and do they actually

have that money after all they retweet

on Twitter that oh don't worry look we

have like 60 billion dollars in cold

wallets well why then or total debts

listed as n a and why are you defining

net worth as the same thing as an asset

net worth which is equity equals assets

minus debts but if you're refusing to

reveal the debts

then this is in this is a totally

blatant misdirection now you might be

thinking but Kevin maybe they don't have

any debts ah but that's not actually

what CZ says but thus far you haven't

disclosed your liabilities and I wonder

why that is and whether you will

yeah so we are working with other firms

to do the uh audit financials like

liabilities Etc okay so you have

liabilities you just don't want to tell

us what those liabilities are now what

could possibly help us reveal what kind

of assets and liabilities they actually

have

how about an audit what does CZ have to

say about an audit but artists don't

reveal every problem

about it or would reveal that CeCe if

you could get a big four auditor to say

that if you're saying that some of them

don't want to work with you that raises

questions too they don't want to work

with you because you don't have the

files and the data that would make them

feel comfortable signing off and and

giving that stamp of approval

actually many of them don't even know

how to audit crypto exchanges um they

don't they don't they don't really when

they so when they audit they are they're

very used to auditing a firm just take a

moment here to appreciate Becky Quick's

reaction and then we'll keep going any

of them don't even know how to audit

crypto exchanges um they don't they

don't they don't really when they so now

if only there were another crypto

exchange that was publicly listed on the

NASDAQ and regulated by the SEC

requiring audits which would mean there

was an auditing company that was

probably a big four auditing a company

you know like a Deloitte that that

existed if only there was such a company

that existed

coinbase says

coinbase has a big four

auditor

um I actually I I don't look at coinbase

we don't really look at it so though I

don't know they understand it well

enough is the auditor yeah coinbase

so they can figure they do have so much

experience so I want you to put together

the Web of Lies that we just saw now I

believe to be Web of Lies okay I I can't

know with certainty nobody really can

which is actually the scary part if you

have your money at binance right you

want certainty but let's try to put the

web together here so CZ says that if

they had a 2.1 billion dollar clawback

because of their investment from FTX

which means FTX had 2.1 bill because

they were a fraud there's a risk that

the money they sent to CZ could be

clawed back

his response is not yes we could handle

a 2.1 billion dollar clawback it's the

following would you be able to handle it

if somebody asked you for 2.1 billion

billion dollars back would that be okay

would you be able to still withstand

things

we're financially okay

including you have 2.1 billion dollars

to give away if somebody came to recla

to claw that back you'd still be fine

well we'll have a lawyer handling I find

we are financially strong

she's no surprise because he kind of

forgot about that money anyway we

actually actually kind of forgot about

it but wait a minute Kevin CZ says they

don't owe anybody money they don't owe

any person money we all run crypto

changes should hold user assets one to

one very simply binance does not owe

people money Venice does not have loans

from other companies from other funds

just we just don't have it you can ask

any Fund in this in the in the ecosystem

you can ask any VC we actually do also

do not have VC Investments so we don't

owe anybody any money and uh we also do

not have loans to other people that we

depend on for our next payroll so you

don't have loans to pay your next

payroll why are you even making that

example

anyway at least it sounds good right so

that sounds good you could have assets

backed one to one but remember you could

loophole that pretty easily because if

you have one Bitcoin in your account for

one Bitcoin you owe to a customer sure

that's one to one but if you've now

taken that and leveraged it then you

would have a large liability or maybe

you're using derivatives like options to

trade with that to try to make more

money in the background now CZ here says

they don't owe anyone money

but how does that reconcile with the

following that he says so we are working

with other firms to do the uh audit

financials like liabilities Etc so you

don't owe any body money but you have to

do liabilities catch up and you're

working with Auditors to do that

liabilities catch up but Auditors don't

know what they're doing even though a

big four like Deloitte has an auditor

that's able to audit their blockchains

and their Enterprise but for some reason

those companies don't want to work with

you it definitely led to the disclosure

that there had been money that was taken

but that disclosure raises lots of

questions about firms like yours have

you done the same has there ever been

co-mingled funds have you ever taken any

of the clients funds and done anything

with them and again why should we

believe you because Sam bankman freed

told everybody no that hasn't happened

and he tweeted a lot of the same stuff

that you've been tweeting in recent days

which I think gets back to this idea of

show me the money

yep so let's get back to show me the

money part so Calvin omitted the fact

that there's no records that's not a

problem to him totally dodged the

question about whether or not they use

customer money just starts talking about

someone else classic look I think

there's just a very simple way to sum

this all up and we'll use the words of

CZ himself to describe him I think he's

lying about about a bunch of stuff