CZ’s new book exposes FTX, 3AC, and Terra Luna fallout?
Jakarta, Pintu News—Former Binance CEO Changpeng Zhao is making waves again in the crypto world with his latest statement about the relationship between FTX, Three Arrows Capital , and the destruction of Terra in 2022.
In the leaked contents of his upcoming book, CZ mentioned that he considered the possibility of a connection between the three major scandals.
While he didn’t directly accuse any particular party, this statement sparked new speculation about what exactly caused the massive cryptocurrency market crash in 2022.
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New Evidence Shakes the Crypto World
CZ’s comments came after an FTX creditor, @Mbottjer, shared shocking findings on social media. He claimed that 3AC found evidence that FTX had liquidated IDR 25 trillion (equivalent to $1.53 billion) assets just two weeks before 3AC went bankrupt. This claim was further strengthened by a court ruling confirming the information’s veracity.
In response, CZ called it an “interesting development” and admitted that this information was new. He then questioned whether there was a connection between the FTX crash and the collapse of Terra (LUNA) and UST stablecoins in May 2022.
As is well known, Terra’s destruction triggered a domino effect that led to the downfall of many crypto assets, including Bitcoin , Ethereum , and other altcoins.
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Was Terra Luna’s fall planned?
A crypto analyst, MartyParty, also responded to CZ’s speculation, stating that on-chain evidence points to Celsius and FTX’s involvement in the massive withdrawal of UST from the liquidity pool at a crucial time.
He claims that the two companies withdrew IDR3.2 trillion (equivalent to $200 million) in UST simultaneously. These withdrawals caused UST to lose its peg to the US dollar, which triggered a complete collapse of the Terra (LUNA) ecosystem.
As reported by Coinpedia, if this claim is true, then the crypto market crash 2022 is not just a result of poor risk management but a deliberately coordinated move by big players in the industry.
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Is this crypto scandal worthy of a documentary?
A social media user suggested that the story of FTX’s downfall be turned into a documentary series. CZ responded to the idea by revealing that he also considered various conspiracy theories in the crypto industry during the writing process of his book.
However, he emphasized that he found no concrete evidence. In a statement, CZ said:
“I don’t want to speculate. There are rumors going around, but I’ve never seen any solid evidence myself.”
Nonetheless, this hasn’t stopped speculation in the crypto community. Major events have shaken up the industry in recent years, and many believe that CZ’s book will reveal more secrets behind the biggest drama in cryptocurrency history.
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CZ Book: Will It Reveal New Facts?
With the crypto world still recovering from the chaos of 2022, CZ’s book is one of the most anticipated. The first draft has reached 114,000 words, and CZ has even printed a physical copy. However, he admits that the editing process and preparation for publishing still take a lot of time.
The book will hopefully provide an in-depth perspective on the most controversial events in the cryptocurrency world, including the FTX scandal, the fall of 3AC, and the impact of the Terra (LUNA) crash.
Whether this book will reveal new facts or simply be a personal account of CZ’s journey in the crypto industry remains to be seen. However, one thing is for sure: interest in the book is growing as more questions remain unanswered.
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Reference
- Coinpedia. CZ Hints at Links Between FTX, 3AC, and Terra Luna Collapse in New Book. Accessed March 17, 2025
- Featured Image: Bloomberg
