Former Binance CEO Changpeng Zhao (CZ) has hinted at some exciting details about his upcoming book, revealing that he contemplated a possible connection between FTX, Three Arrows Capital (3AC), and the infamous Terra (LUNA) crash of 2022. Though he refrained from making direct accusations, his comments have started a new speculation about the events that shook the crypto market.
New Evidence Raises Questions
CZ’s comments came in response to a post by an FTX creditor, @Mbottjer, who shared that 3AC had uncovered proof showing FTX liquidated $1.53 billion worth of its assets just two weeks before 3AC collapsed. A judge has confirmed this claim, adding yet another layer to the complex web of crypto failures that rattled the market.
I was thinking about this when writing this section of the book… I didn't want to speculate; there were rumors, but I never saw hard evidence.
— CZ 🔶 BNB (@cz_binance) March 14, 2025
Calling it an “interesting turn of events,” CZ admitted that this was news to him. He then raised a key question: Could there be a link between FTX and the collapse of Terraform Labs’ LUNA token and UST stablecoin in May 2022? That crash triggered a chain reaction, pulling down Bitcoin and other cryptocurrencies.
Was the Terra Crash Deliberate?
Crypto analyst MartyParty responded to CZ’s remarks, saying he had already presented on-chain evidence showing that Celsius and FTX withdrew huge amounts of UST from liquidity pools at a critical moment. He claims both firms pulled $200 million in UST, causing the stablecoin to lose its peg and setting off the LUNA meltdown.
If true, this would suggest the 2022 market crash wasn’t just due to bad risk management but could have been a coordinated move by major players in the crypto space.
A Story Fit for a Documentary?
A user on X suggested that the entire FTX saga deserved a documentary series. CZ responded by saying he had considered these connections while writing his book. However, he made it clear that he found no solid proof, explaining,
“I didn’t want to speculate; there were rumors, but I never saw hard evidence.”
CZ has already completed a 114,000-word draft of his book and even printed a physical copy. However, he admits that polishing it for publication will take a lot more effort.
What CZ’s Book Could Reveal
With the crypto world still recovering from the chaos of 2022, CZ’s book is expected to give his perspective on some of the industry’s most turbulent years. Whether it will uncover shocking new details or serve as a personal reflection remains to be seen, but anticipation is growing.
For now, CZ remains cautious, sticking to facts rather than speculation.
