CZ Breaks Silence: Key Evidence That Links FTX Market Manipulation to the 2022 LUNA Crash!

Changpeng Zhao has sparked debates by hinting at a possible FTX market manipulation. A new controversy erupted when an FTX collapse victim shared court-approved evidence on Twitter.  Zhao’s cryptic social media reaction intensified the speculation, prompting analysts to review past events. Crypto analysts believe on-chain data suggests FTX and other firms manipulated the market as major companies withdrew large UST amounts. If proven coordinated, these actions could shift the narrative from mismanagement to deliberate manipulation. As discussions grow, Zhao acknowledges the theories but admits he lacks solid proof; however, his book might expose some secrets.

Did FTX Play a Hidden Hand in the 2022 Crypto Crash? 

Zhao, the previous CEO of Binance, has caused speculation as he alluded to a possible connection between FTX and LUNA. This comes as a sneak peek at CZ’s upcoming book, where he possibly explores the Three Arrows Capital and Terra crash. His comments, however, were empty of any direct allegations but still caused rumors about FTX’s role in the 2022 disaster. The fall of this UST stablecoin nearly crashed the whole market, pushing even BTC down.

<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Interesting turn of events. I didn&#39;t know this before, but not surprised either as they (FTX/3AC) were &quot;close&quot;.<br><br>I am curious if FTX had anything to do with the LUNA/UST crash/depeg in May 2022? <a href=”https://t.co/oubjKHvfMC”>https://t.co/oubjKHvfMC</a></p>&mdash; CZ 🔶 BNB (@cz_binance) <a href=”https://twitter.com/cz_binance/status/1900444387907428838?ref_src=twsrc%5Etfw”>March 14, 2025</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

This started when one of the victims of the FTX disaster with the Twitter account named “Mbottjer” published new evidence. This evidence showed that two weeks before the 3AC crash, FTX had pulled out his  $1.53 billion investment. These new developments had been approved by a judge. CZ responded with a vague X post to this claim and added another level of complexity to this mystery.  

Big Firms Trigger the Collapse? On-Chain Clues Emerge

Zhao’s response was one of slight shock as he referred to it as an “interesting turn of events.”. Furthermore, he continues by saying and questioning whether FTX has a connection to the Terraform Labs and LUNA crash. MartyParty, a crypto analyst, responded to CZ’s post and stated that on-chain evidence shows how FTX affected the market crash. He explained that Celsius and FTX’s actions resembled a coordinated attack as they withdrew massive amounts as the market weakened. Based on his remarks, both firms liquidated $200 million UST, pushing the stablecoin to be debugged. 

Crypto Giants or Manipulators? Truth Behind LUNA Collapse

Such evidence legitimizes speculations that were once just conspiracy theories and means that the LUNA breakdown was mastermind by industry giants. If so, the whole 2022 crypto duster was caused by insiders rather than mismanagement and lack of risk management. As such, users on X commented that this series of events needed to be investigated and made into a documentary. In response to this, CZ stated that he thought about this connection and FTX’s involvement while writing his book. However, he added that he had not found reputable sources and evidence, and he had heard only talks. 

Insider Insights? CZ’s Book Could Reshape the Narrative

CZ has also given updates on his book; in the last update, he completed a draft containing 114,000 words, which has been printed and shows great progress. However, he has clarified that the book needs revisions and will not be ready for publication until refined. CZ’s upcoming book can contain insider secrets and new developments in the crypto industry’s most chaotic years. The controversial history between the FTX and Binance, which was directed by CZ, increases the possibility of information on this matter.

FTX and Market Integrity: What Lessons Can Industry Learn?

As speculation grows, CZ’s book may reveal key details about the 2022 crypto market collapse. No hard proof has surfaced, but potential FTX market manipulation raises major concerns about market fairness. Regulatory bodies might introduce new safeguards to limit manipulative practices, as stronger measures can help prevent future large-scale market disruptions. The crypto world is still recovering, so industry leaders must prioritize safety and fair trading practices.