Presented in the lawsuit against Sam Bankman-Fried (SBF), a document dated November 2022 shows that the FTX founder considered Binance a major competitor and accused its management of leaking confidential information to the media. This is reported by The Block.
In particular, he blamed the largest crypto exchange by capitalization for the leak of Alameda Research’s balance sheet to CoinDesk.
November 2 edition with reference to a “private document” reportedthat subsidiary trading firm FTX is in a potentially precarious position since the majority of its collateral is the FTT token.
It is likely that this sequence of events actually served as a catalyst for the collapse of FTX and Alameda, since after the injection FUD clients rushed to withdraw funds, but there was not enough collateral.
In the same document, Bankman-Fried named Tron founder and HTX advisor Justin Sun as a potential investor, but left the note “close to [главе Binance] Changpeng Zhao.”
SBF also stressed in the note that FTX is “reasonably capitalized but not infinitely liquid.” However, the document contained a footnote according to which out of $12 billion of client funds, only one third was available for withdrawal – $4 billion.
Earlier, ex-Alameda programmer Aditya Baratwaj told how the company lost at least $190 million due to a careless approach to security issues. Many company employees fell for phishing and fraud.
The day before, the former CEO of the trading firm, Caroline Ellison, made a confession in court. She revealed that SBF planned to become president and also shared a list of things that “pissed off” him.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
