BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Altcoins

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

by Abimbola Adu
Dec 6, 2022 - 12:00 am
in Altcoins
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.

When SBF talked about how mkt hedges didn't work, it's now clear he sold and shorted all client btc and eth for sol and ftt

This is not just a crime agst clients its a crime agst crypto, he internalized billions of client buy flow for actual coins into his own shitcoins

— 朱溯 🐂 (@zhusu) December 6, 2022

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.

Tags: 3ACBitcoinFTX
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Bloomberg analysts predict 95% approval odds for Solana, Litecoin, and XRP ETFs in 2025

SOL, LTC, XRP ETF Approvals Now Have 95% Chance in 2025, Say Analysts

June 21, 2025

Analysts give SOL, LTC, and XRP ETFs a 95% approval chance in 2025, citing SEC engagement and positive...

JD.com founder Liu Qiangdong speaking at a press event about stablecoin plans in Beijing

JD.com Joins Stablecoin Race Amid US Approval of GENIUS Act

June 18, 2025

JD.com enters stablecoin market to slash global payment costs by 90%, as US Senate passes the GENIUS Act...

24H HOLD token price chart showing 35% surge despite market pullback

Solana Dips Below $150, But Altcoins HOLD, AB, and 0x0 Surge Ahead

June 15, 2025

Solana loses key support at $150, but HOLD, AB, and 0x0 soar with strong volume, social momentum, and...

Donald Trump at a crypto conference amid growing earnings and ethics concerns

Trump Reports $57M Crypto Windfall as Ethics Concerns Mount

June 14, 2025

Trump reports $57.4M in crypto income via World Liberty Financial. Ethics concerns rise over his influence and growing...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise