The Bankmen of Alameda
If there is anything Changpeng Zhao learned from that LUNA crash, it is to leave the Titanic before it is completely submerged. Whether Alameda has $3 billion or just $6k in liquidity; the Binance stuntman isn’t taking any chances. He is letting those FTT tokens go. That was just a 10% dip and tons of tweets; most of them with better titles that the one I made for this article.
And if I will continue putting out titles like these, I might just publish a complete crypto fairytale series. One that reads like the Hare and Tortoise story.
Still a huge fan of Alameda research, FTX, and Sam. I mean, they’ve done a whole lot for the space. At least, they brought in a lot of good pumps. But don’t trust my sense of judgment, I used to be a “huge fan” of LUNA and Mr. Kwon as well.
Well, just in case you are yet to get the news; FTX Exchange’s FTT token is rumored to be running out of liquidity. A reported 1:2 asset-to-liquidity ratio. $6 billion worth of FTT tokens against a $3 billion liquidity.
Not sure if Mr. Zhao is considering the offer to sell his FTT holdings at $22 per token. Looks like the exchange guy is determined to make use of the market and not sit at a negotiation table. If the rumors are true, then FTX might need some bailouts. It’s ironic, Sam handed Celsius some bailout funding just a while ago.
You could feel Alameda all over crypto. The popular USDT investigation report had the ‘research’ group written all over it. Same as Binance anyways, but the former was a more prominent figure.
Insufficient liquidity wouldn’t kill a project though. You might just experience delayed withdrawals and maybe a few failed withdrawal requests and frozen funds. Stories like these aren’t new in crypto at all. Projects folding up is a normal Winter’s tale, but it feels different when they are headed by a Forbes “30 under 30” investor.
I’d love to see the bankmen come out on top. It’s fun to see crypto projects buy sports centers’ naming rights, sponsor exotic Super Bowl commercials and run promotion deals with A-class basketball teams. This particular project did all of these and it was a proud moment, just not at the expense of investors and traders who kept leftovers of their rekt portfolio on the exchange.
I’ve seen a few reports on delayed withdrawals, no biggie, these claims aren’t even verified, but if that becomes the case, a couple of billions in bailout might help. Paolo and his team is a good place to start.
A string of sarcasm and a few puns. You might need a cup of coffee to get in the mood. But coffee tastes bad when you hear these stories after waiting for days for your withdrawal to arrive. No need to worry BTW, Solana just struck a deal with Google Clouds; the same deal they had with Theta Labs.
If Solana reaches a new ATH as Theta did, then FTX might not have to file for bankruptcy. Whatever happens, just remember to drop a follow, a clap, a tip, or whatever you feel might make me want to write again.
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