The fallout of FTX has seen billions wiped out from SBF_FTX’s crypto empire. But could it result in a major setback for the cryptocurrency industry as a whole?
But there have been increasing signs that this framing was, at best, oversimplified. Bankman-Fried teased many more deals than actually went through, for instance backing out after a tentative move to acquire Celsius. Many of these deals arguably flowed money. And some of the headline numbers may have exaggerated exactly how much real money was on the line.
Zhao and Binance also materially contributed to FTX’s meltdown – though it’s unclear whether that was his intent. Apparently in reaction to CoinDesk’s reporting about the predominance of FTT on Alameda’s balance sheet, Zhao on Nov. 6 announced that Binance wouldIn a truly bizarre move, Alameda Research CEO Caroline Ellison quickly andoffered Zhao an over-the-counter deal to buy the tokens at $22 each.
The comparison to LUNA is particularly venomous, given that its creator, Do Kwon, is currently an international fugitive evading charges of financial fraud in South Korea. Zhao’s allusion to lobbying efforts also give the impression that there’s something personal at play here.by Bankman-Fried that seemed to cast aspersions on Zhao’s Chinese ancestry. Zhao is Canadian, and has for many years bridled at suggestions that Binance is a Chinese firm.
undermining confidence in FTX at a key moment. Zhao has denied ill intent or calculation, but this was hard to credit as of Nov. 8, with Binance poised to acquire a competitor after making moves that seriously weakened it.
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