EX-FTX Boss Sold Bitcoin and Ethereum To Prop Solana (SOL) and FTT

EX-FTX Boss Sold Bitcoin and Ethereum To Prop Solana (SOL) and FTT

Zhu Su, the founder of the bankrupt crypto hedge fund firm “Three Arrows Capital (3AC),” stated on December 6, 2022, that the ex-boss of FTX, Sam Bankman-Fried, has committed a crime against clients and crypto. This resulted in people pointing out his previous shortcomings. They assert that he is blaming others while attempting to hide his deceptions.

Zhu Su tweeted that he (Sam Bankman-Fried) sold Bitcoin and Ethereum to Prop Solana (SOL) and the FTX token (FTT) after the former CEO of the defunct FTX company publicly stated on December 1, 2022, that he did not try to commit fraud and that, misleading investors wasn’t done on purpose (FTT). He (Zhu Su) stated that it is clear and obvious that he sold and shorted all of his clients’ Bitcoin and Ethereum in exchange for Solana (SOL) and the FTX token when Sam Bankman-Fried claimed that market hedges didn’t work ( FTT.)

Currently, Zhu Su’s tweet is thought to be the most plausible explanation for the ten billion dollar gap that vanished earlier in November 2022 after the FTX liquidity catastrophe, when FTT (FTX’s token) and SOL plummeted by about 80 percent. (Solana was supported by Alameda Research and FTX and was its second-largest investment.) Over 50 million Solana tokens are under their joint control. Before Zhu Su’s post, most thought Sam Bankman-Fried was to blame for the price reduction and rigging. 

As previously mentioned, Solana (SOL) and the FTX token (FTT) have limited prospects as they are currently down over 90%, while Bitcoin (BTC) and Ethereum (ETH) are strong. Sam Bankman-Fried’s aforementioned conduct is perceived as an attempt by him to use it as temporary support to maintain the positions of Solana and the FTX token. 

Before the FTX crash, Solana was thought to be as valuable as Ethereum, and people thought that soon Solana will surpass Ethereum in value because it could handle more transactions per second and that they had cheaper transaction costs. But whether Solana will ever be able to stand on its own two feet again like before following the FTX collapse is in doubt. Also, according to FTX’s most recent financial records, they have drastically declined, and they now owe their 50 largest debtors close to 3.1 billion dollars.

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