CZ: Withdrawal from FTX Equity Investment Due to SBF Poaching Employees and Malicious Defamation, Related Litigation Ongoing

BlockBeats News, February 11th, Binance founder CZ said in an interview on the All-In podcast that, "I met SBF for the first time at the 2019 Singapore conference. FTX had proposed the establishment of a joint venture (JV), which was initially rejected. A later proposal led to Binance's investment in FTX for a 20% stake. During this process, there were some issues, including malicious devaluation and poaching of employees. Binance exited the investment in July 2021 as a non-strategic investor. There are currently ongoing related litigation, and the details of FTX's bankruptcy proceedings and compensation are unclear."

In addition, CZ revealed that applying for a pardon requires a lawyer to write a petition, stating reasons such as whether there was over-prosecution and the good conduct of the individual. The final decision-making power lies entirely with the U.S. president, and there is no fixed or standardized procedure. Historically, most U.S. presidents have usually issued pardons on the last day of their term, but Biden has also granted "preemptive pardons." CZ believes that obtaining a pardon is crucial for Binance to smoothly and compliantly enter the U.S. market. He also believes that Trump's own legal issues may help to some extent in the success of the pardon application.