The FTX drama and the events that led to the crypto exchange’s demise will be depicted in a new documentary concentrating on the tumultuous relationship between Samuel Bankman Fried “SBF” and Binance founder Changpeng Zhao “CZ,” one of his harshest critics.
As reported by The Hollywood Reporter, the production is a collaboration between the news organization Fortune and the non-scripted production business Unrealistic Ideas. Unrealistic Ideas was established by the American actor Mark Wahlberg, together with Stephen Levinson and Archie Gips.
What the documentary will entail
This official documentary will give readers a swiveling firsthand look at the entire FTX tale, said Fortune editor-in-chief Alyson Shontell in a statement. The rocky relationship between SBF and CZ has been played out to a certain extent in stories and on Twitter.
The documentary will center on how Bankman-Fried, who was born into a prestigious academic family with political connections, and Zhao, whose family emigrated from China to Canada when he was 12 years old, became two of the most influential figures in the cryptocurrency field, as well as how their relationship shifted from being allies to rivals over the course of their careers.
During the early stages of FTX’s difficulties, Binance entertained the idea of purchasing the troubled exchange. However, the company ultimately decided against going through with the purchase after conducting its research and learning that the United States authorities were investigating FTX, its sister company Alameda Research, and SBF.
Ever since, Bankman-Fried has accused Zhao of pursuing a sustained effort to squash him and his firms. He said this in a post on a substack forum on January 12, claiming that an intense, rapid, and targeted collapse that was induced by the CEO of Binance rendered Alameda bankrupt.
According to Fortune, CZ and other senior executives at Binance have already committed to engaging in the initiative. Additionally, Fortune reports that leaders from FTX and other significant cryptocurrency firms have also agreed to participate.
SBF’s accusations against CZ
Recently, Bankman-Fried said in a post that he made on Substack on January 12 that the CEO of Binance was responsible for an intensive, rapid, and targeted collapse that caused the firm to go bankrupt.
To tell the truth, Zhao was one of the driving forces for FTX’s stunning collapse, SBF said. The Chief Executive Officer of Binance, Changpeng Zhao, announced on Twitter that the business intends to liquidate its entire investment in FTX’s native token, FTT, at the beginning of November.
The year before, the two engaged in public criticism of one another on Twitter. CZ referred to SBF as a fraudster and said that Binance sold its interest in FTX in July 2021 after becoming more uncomfortable with Alameda/SBF.
A comment was posted online by the former CEO of FTX in reaction to a claim made by the CEO of Binance, who said that SBF became unhinged due to the exchange dropping out.
It was never a competition or fight. No one won. Don’t try to tell your friends to focus on us. Focus on yourself. You should have learned that by now.Changpeng Zhao