Here is the story of @cz_binance overtaking @SBF_FTX
How @SBF_FTX and @AlamedaResearch lost today
Blitzkrieg.
Checkmate.
Total Surrender
One of the fastest wars in business history
🧵A thread for those who missed it
#cryptocrash $bnb $sol
#BNB
How @SBF_FTX and @AlamedaResearch lost today
Blitzkrieg.
Checkmate.
Total Surrender
One of the fastest wars in business history
https://twitter.com/cz_binance/status/1590013613586411520
🧵A thread for those who missed it
#cryptocrash $bnb $sol
#BNB
Fuck around > Find out
YOU DO NOT FUCK WITH CZ
@milesdeutscher wrote a great thread about Sam Bankman Fried and Alameda
Here is the gist of it:
SBF was hailed as a hero in the past
Moving the blockchain space forward, doing a service to the industry
YOU DO NOT FUCK WITH CZ
@milesdeutscher wrote a great thread about Sam Bankman Fried and Alameda
https://twitter.com/milesdeutscher/status/1589631447517655040
Here is the gist of it:
SBF was hailed as a hero in the past
Moving the blockchain space forward, doing a service to the industry
Sam Bankman Frieds net worth grew close to $15 Billion
He started to invest in companies (@Aptos_Network and @SuiNetwork e.g)
and had enough fire power to bail out Blockfi and considered even helping Celsius.
He also heavily got into politics and started donating
#BNBchain
He started to invest in companies (@Aptos_Network and @SuiNetwork e.g)
and had enough fire power to bail out Blockfi and considered even helping Celsius.
He also heavily got into politics and started donating
#BNBchain
like there was no tomorrow.
He achieved top 5 of the biggest donors
At this point people are well aware that he is out for power and moves big levers.
But it started more subtle, as a bill got leaked, he seemingly was involved in.
People spoke out against it
He achieved top 5 of the biggest donors
At this point people are well aware that he is out for power and moves big levers.
But it started more subtle, as a bill got leaked, he seemingly was involved in.
People spoke out against it
@SBF_FTX reputation became tarnished.
Fast forward to the last week:
Alamedas Balance sheet got leaked.
Turns out we have somewhat of a situation at our hand.
Using your own self printed token to... well collateralize loans and buy stuff (usdt)
Fast forward to the last week:
Alamedas Balance sheet got leaked.
Turns out we have somewhat of a situation at our hand.
Using your own self printed token to... well collateralize loans and buy stuff (usdt)
https://twitter.com/MikeBurgersburg/status/1589436502505041920
isn't the infinite money hack they thought it was.
Their FTT token is highly illiquid and they couldn't even sell part of the fully diluted $8 billion without pushing the price down significantly.
Rumors started to spread like wildfire and culminated
Their FTT token is highly illiquid and they couldn't even sell part of the fully diluted $8 billion without pushing the price down significantly.
Rumors started to spread like wildfire and culminated
https://twitter.com/MikeBurgersburg/status/1588481507412279296
in a whale wallet moving close to $600 million to binance
It was CZ himself
He made clear that he:
1. doesn't appreciate lobbying against the interests of the industry.
2. Will sell his $2.1B in FTT token due to recent findings
3.learned from luna
It was CZ himself
https://twitter.com/cz_binance/status/1589283421704290306
He made clear that he:
1. doesn't appreciate lobbying against the interests of the industry.
2. Will sell his $2.1B in FTT token due to recent findings
3.learned from luna
This sparked a FTX Sam Bankrun and people started to sell their $FTT and withdrawing other assets as well.
The whole market started to tumble. and Alameda related assets like $SOL felt the heat stronger than others.
The whole market started to tumble. and Alameda related assets like $SOL felt the heat stronger than others.
https://twitter.com/SBF_FTX/status/1589598284322328579
After a deafening 24h silence we got this:
FTX stopped withdrawals
FTX stopped withdrawals
https://twitter.com/TheBlock__/status/1589979338979434497
A few hours later the bombshell dropped:
CZ fully acquired ftx.com
The deal only goes through if their due diligence doesn't discover anything detrimental.
If the skeletons hidden in the closet are to big to handle, CZ will pull out
CZ fully acquired ftx.com
The deal only goes through if their due diligence doesn't discover anything detrimental.
If the skeletons hidden in the closet are to big to handle, CZ will pull out
https://twitter.com/cz_binance/status/1590013613586411520
So, what happens next?
I think people will quickly realize that every FTT collateral out there in the crypto world is effectively worth 0 now.
Leading to cascading effects.
I think people will quickly realize that every FTT collateral out there in the crypto world is effectively worth 0 now.
Leading to cascading effects.
IIF FTX defaults users will have another luna/celsius situation at hand.
Also it's likely that Alameda is starting to sell other tokens on their balance sheet in order to serve their debt
Also it's likely that Alameda is starting to sell other tokens on their balance sheet in order to serve their debt
I'll update this thread as new developments come to light.
Update 1:
CZ is planning to introduce merkle tree proof of reserve systems after criticizing the current landscape of in-transparency.
CZ is planning to introduce merkle tree proof of reserve systems after criticizing the current landscape of in-transparency.
https://twitter.com/thehiddenmaze/status/1590074736549433345
Update 2:
CZ lecturing Sam Bankman Fried
CZ lecturing Alex Mashinsky
CZ lecturing Su Zhu
He is teaching all of us a lessons
1. Not your keys not your coins
2. Most Cex can't resist the the temptation
#BNB #BTC #cryptocrash #Crypto #FTX
CZ lecturing Sam Bankman Fried
CZ lecturing Alex Mashinsky
CZ lecturing Su Zhu
He is teaching all of us a lessons
1. Not your keys not your coins
2. Most Cex can't resist the the temptation
#BNB #BTC #cryptocrash #Crypto #FTX
https://twitter.com/cz_binance/status/1590103159506341888
Update 3:
SBF addresses investors (source not confirmed)
TLDR
- Explains that they entered a nonbinding agreement and he still hasn't figured out what that means.
Details tbd.
- Calms investors by stating they are high priority
#bnb #ftx $BNB $FTT
SBF addresses investors (source not confirmed)
TLDR
- Explains that they entered a nonbinding agreement and he still hasn't figured out what that means.
Details tbd.
- Calms investors by stating they are high priority
https://twitter.com/WClementeIII/status/1590107340317294593?s=20&t=loygFfKZomsZDKcKe1rhOA
#bnb #ftx $BNB $FTT
Update 4:
SBF deleted a tweet that stated they don't invest customer funds and will continue to process all withdrawals
We will know sooner or later. Some rumors about them using staked cryptocurrencies of customers started swirling around
SBF deleted a tweet that stated they don't invest customer funds and will continue to process all withdrawals
We will know sooner or later. Some rumors about them using staked cryptocurrencies of customers started swirling around
https://twitter.com/WClementeIII/status/1590131008430825472
CZ is not buying
"Cryptocurrency exchange giant Binance is highly unlikely to go through with its proposed acquisition of struggling rival FTX after less than a day of reviewing the company, according to a person familiar with the matter."
- Coindesk
coindesk.com/business/2022/…
"Cryptocurrency exchange giant Binance is highly unlikely to go through with its proposed acquisition of struggling rival FTX after less than a day of reviewing the company, according to a person familiar with the matter."
- Coindesk
coindesk.com/business/2022/…
Update:
CZ addresses his employees
- Not a masterplan
- This situation is bad for the whole industry
- Ignore prices, keep your head down and keep building
Full letter linked below.
CZ addresses his employees
- Not a masterplan
- This situation is bad for the whole industry
- Ignore prices, keep your head down and keep building
Full letter linked below.
https://twitter.com/cz_binance/status/1590351182513729544
Update:
Cascading effects start to show themselves.
Cascading effects start to show themselves.
https://twitter.com/crypto_condom/status/1590338735606231041
Update:
New Rumor: Alameda apparently seeking to dump every asset they invested in.
If Binance doesn't acquire them, that's a possible route to take and a valid concern to have.
#BNB $BNB #cryptocrash #cryptocurrecy #Binance #FTXCRASH
New Rumor: Alameda apparently seeking to dump every asset they invested in.
If Binance doesn't acquire them, that's a possible route to take and a valid concern to have.
https://twitter.com/StackerSatoshi/status/1590421624515612672
#BNB $BNB #cryptocrash #cryptocurrecy #Binance #FTXCRASH
Update 7:
#sol $sol #Solana #SolanaGiveaway
https://twitter.com/WatcherGuru/status/1590416510303932416
#sol $sol #Solana #SolanaGiveaway
Breaking:
Binance pulls out of acquisition deal with FTX.
SAM Bankman Fried is left to fend for himself.
Major ripple effects are to be expected.
#BNB #FTT #FTTUSDT #FTTcrash #FTT_USDT
#SOL #BNBchainNFTs #ADA $BT $ETH
Binance pulls out of acquisition deal with FTX.
SAM Bankman Fried is left to fend for himself.
Major ripple effects are to be expected.
https://twitter.com/binance/status/1590449161069268992
#BNB #FTT #FTTUSDT #FTTcrash #FTT_USDT
#SOL #BNBchainNFTs #ADA $BT $ETH
Update:
FTX website shut down.
FTX website shut down.
Update:
Sam Bankman Fried addresses user funds, his mistakes and what's coming next.
Sam Bankman Fried addresses user funds, his mistakes and what's coming next.
https://twitter.com/SBF_FTX/status/1590709166515310593
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