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Fortune
Fortune
Leo Schwartz

Binance avoided a death sentence—but the slow bleed is yet to come

Binance Changpeng CZ Zhao Sam Bankman-Fried FTX Leo Schwartz Leo Schwartzleoschwartzfortunecomleomschwartz Justice Department SEC Crypto the Justice Department
(Credit: Nathan Laine—Getty Images)

Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation.

The fates of Sam Bankman-Fried and Changpeng "CZ" Zhao always seemed interwoven. CZ helped facilitate Bankman-Fried's rise, with the ever-ruthless American founder returning the favor by creating a whisper network in D.C. to take down his competitor. CZ then played his part in Bankman-Fried's downfall, turning his investment in FTX into a death blow by selling his equity—the native FTT token that clogged the FTX empire's balance sheets.

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