In the FTX case, the list of discoveries is growing day by day. After the huge and dubious real estate purchases made by the relatives of Sam Bankman-Fried, we discover that the latter would have tried to destabilize the crypto market to save FTX.
A desperate attempt by Sam Bankman-Fried to save FTX
Exchanges between Sam Bankman-Fried and members of the Signal “Exchange Coordination” discussion group date from November 10. But the extracts were disclosed by the Wall Street Journal only very recently (December 9 to be exact). The messages incidentally coincide with Binance’s purchase retraction notification.
“Stop trying to mess up stablecoins. And stop messing around. Stop now, do no more damage. This message from Changpeng Zhao would indeed imply that Sam Bankman-Fried would have tried to destabilize the crypto market.
His goal: to play his last card to save FTX
His approach: go through Alameda Research to carry out transactions focused on deindexing the stablecoin.
More explicitly, Sam Bankman-Fried allegedly attempted to devalue tether (USDT). He reportedly exchanged 250,000 USDT for another stablecoin. This would obviously have impacted the general price of crypto. Of course, the ex-CEO of FTX refuted this accusation.
“Transactions of this size would have no material impact on tether prices, and to my knowledge, neither myself nor Alameda have ever attempted to intentionally detach tether or any other stablecoin. I have made a number of mistakes over the past year, but this is not one of them. he replied.
The Exchange Coordination group: are we talking about it?
L’published article by the Wall Street Journal certainly highlights Sam Bankman-Fried’s failed attempt to destabilize the crypto market. But not only ! He reveals another important piece of information: the existence of an unofficial group on Signal messaging.
Named “Exchange Coordination”, this group counts among its members notorious figures of the crypto industry. We cite in particular:
- Sam Bankman-Fried (former CEO of FTX);
- Changpeng Zhao (CEO of Binance);
- Paolo Ardoino (Tether CTO);
- Jesse Powell (co-founder of Kraken).
For now, the purpose of this group remains unknown. However, it reveals one thing: the hidden side of this ecosystem that is increasingly popular with the community.
Sam Bankman-Fried is not at the end of his troubles. Since the bankruptcy of FTX, he has been the subject of several investigations. According to the latest news, he was arrested in the Bahamas and will soon be extradited to the USA. To be continued…
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