Castles Made of Sand Dollars: SBF, FTX, and other Three

By Bitcoin ວາລະສານ - 1 ປີກ່ອນຫນ້ານີ້ - ເວລາອ່ານ: 17 ນາທີ
ວັນພະຫັດ, 8 ທັນວາ 2022 1:19 AM

ກົດບ່ອນນີ້ ພຽງແຕ່ສ້າງຂອງທ່ານ ບັນຊີການຄ້າເສລີ ແລະເລີ່ມຕົ້ນຊື້ crypto favo ຂອງທ່ານ ພາຍໃນນາທີ!

Castles Made of Sand Dollars: SBF, FTX, and other Three Letter Agents

How stablecoins and the unstable con, Sam Bankman-Fried, built a corrupt castle of sand and how it all washed out.

ເລື່ອງຂອງ Bitcoin has certainly had its fair share of nefarious characters, criminal activity, bad haircuts and worse wardrobes, and yet our anti-hero du jour has seemed to outdo them all. Sam Bankman-Fried, better known by the three letter acronym SBF, burst onto the scene at the peak of the 2017 bubble, founding Alameda Research that September, just four years after graduating from an internship into a full-time position at one of the world’s largest market makers, Jane Street Capital.

SBF is the son of Stanford Law professor and founder of left-wing super PAC Mind The Gap, Barbara Fried, and Stanford professor Joseph Bankman, an expert on tax shelter laws and government regulation. At the start of 2018, SBF had struck digital gold while taking advantage of the arbitrage opportunity presenting itself between a higher demand for bitcoin in the Asian market, colloquially known as the “kimchi premium”. By the end of the year, and after amassing a considerable fortune from this high-volume bitcoin/dollar spread, he officially moved to Hong Kong, formally founding the derivatives exchange FTX in the following spring.

ໄດ້ Bitcoin network that SBF rode from rags to riches and back again was partially launched in direct response to the fiat money experiment rearing its ugly head in the subprime mortgage, real estate and eurodollar crises that culminated into what is now known as the Great Financial Crisis of 2007 to 2009.

“??EThe Times 03/Jan/2009 Chancellor on brink of second bailout for banks%”

- Satoshi Nakamoto, January 3, 2009

This now infamous inscription in the genesis block made clear the inappropriate fractional reserve banking and predatory loan fiascos of our regulated banking industry was to be put to rest once and for all by this emergent monetary protocol; a completely transparent and decentralized ledger would de-incentivize fraud and prevent obfuscation of illicit activity. A new competitor to the dollar arose from the ashes of the meltdown, and with it, a new standard for financial fairness, complete with predictable issuance, controlled once and for all by the people for the people. Yet in any system made with good intentions, criminals like SBF and his bought-and-paid-for political and media allies manage to find a way to hurt innocent people for the advantage of an unknown few. Like most intriguing stories of fraudulent financial crimes, this one starts in the Bahamas, and ends with a tidal wave of asset liquidations and broken homes.

"ຖ້າທ່ານຄິດວ່າ Bahamas ໄດ້ທໍາລາຍລະບົບພາສີທົ່ວໂລກຂອງທ່ານ, ທ່ານມີລະບົບພາສີທົ່ວໂລກທີ່ຂີ້ຮ້າຍຫຼາຍ."

- Steven Dean, Summer 2020 [1]

ການເປີດຕົວ Stablecoin, CBDC ເຊື້ອຊາດໄປຫາລຸ່ມສຸດ

Bahamas ເບິ່ງຄືວ່າບໍ່ມີເຫດຜົນພຽງພໍ, ແລະຍັງມີປະຫວັດສາດອັນຍາວນານຂອງການຫຼີກລ່ຽງພາສີຂອງສະຫະລັດ, ສໍາເລັດດ້ວຍ rum-running bootleggers ໃນໄລຍະການຫ້າມ. ສືບຕໍ່ປະເພນີນີ້, ສູນທະນາຄານ Caribbean, ລວມທັງ Bahamas ແລະຫມູ່ເກາະ Cayman, ໃນເດືອນສິງຫາ 2022, ເປັນຜູ້ຖືຫຼັກຊັບຕ່າງປະເທດທີ່ໃຫຍ່ທີ່ສຸດທີສີ່, ຫຼັງຈາກພຽງແຕ່ຍີ່ປຸ່ນ, ຈີນແລະອັງກິດບໍ່ດົນຫລັງຈາກການກໍ່ຕັ້ງ, FTX. ໄດ້ໃຊ້ປະໂຍດຢ່າງເຕັມທີ່ຈາກຍຸກເງິນຟຣີທີ່ເລີ່ມຕົ້ນດ້ວຍອຸປະຕິເຫດໃນປີ 2008 ແລະໄດ້ຮັບການຮັກສາໄວ້ໂດຍອັດຕາດອກເບ້ຍຕ່ໍາຫາສູນທີ່ນໍາມາໂດຍລັດຖະບານ Trump.

These rate cuts were started by the Trump-nominated and Biden-renominated Jerome Powell and were further exacerbated by both of their administrations’ COVID responses. An unprecedented pumping of all things dollar denominated occurred, with real estate, stock indexes, bitcoin and a whole bunch of unregistered securities known as altcoins reaching new highs across the board. In June 2019, one month after the founding of FTX, Facebook’s Mark Zuckerberg announced Libra, a digital currency based on a basket of international currencies; a novel take on stablecoins. This launched the stablecoin and CBDC race in earnest, and coincidentally enough, the Central Bank of the Bahamas became the first such institution to announce its own CBDC, the sand dollar, in October 2020. The sand dollar itself was pegged to the Bahamian dollar, which is itself pegged to the United States dollar, and thus with its government-sanctioned launch, the birth of the first central bank-issued stablecoin dollar came to be on the sandy beaches of SBF’s new home.

"What is the reserve currency of the crypto economy going to be? Right now it's unambiguously the USD. And interestingly it's USD whether or not you're looking at the American crypto economy."

- Sam Bankman-Fried, November 5, 2021

ໃນຂະນະທີ່ລັດຖະບານສະຫະລັດມີຄວາມຢ້ານກົວຕໍ່ຄວາມສ່ຽງທາງດ້ານລະບົບໃນເວລານັ້ນ, ລັດຖະບານຈີນໄດ້ເຂົ້າໃຈໂຄງການ Libra ວ່າເປັນເງິນໂດລາຫລັງຂອງສະກຸນເງິນ G7 ທີ່ມີຂ່າວລືວ່າຈະຖືກລວມເຂົ້າໃນກະຕ່າຂອງມັນ. A Metaverse-held take on the 1985 Plaza Accord, ແຜນການຂອງທະນາຄານກາງທີ່ປະສານງານນີ້ຈະແຜ່ຂະຫຍາຍຜູ້ໃຊ້ເຄືອຂ່າຍ USD ໃນທົ່ວເຄືອຂ່າຍທີ່ໃຫຍ່ທີ່ສຸດຂອງອິນເຕີເນັດ, ເລັ່ງໂດຍຄວາມໄວສູງທີ່ມີຢູ່ໃນການຈ່າຍເງິນດິຈິຕອນສູນກາງແລະທົ່ວໂລກໂດຍລັກສະນະທີ່ບໍ່ມີຊາຍແດນຕິດຂອງຖານຜູ້ໃຊ້ Facebook. .

The digital yuan was trialed in April 2021 with great haste in reaction to this development, and by the Winter Olympics 2022, had launched for foreign attendees in Beijing. Not to be outdone by these new-look, same-shit fiat cryptocurrencies, Bitcoin made its own financial history when President Nayib Bukele of El Salvador took to the stage at Bitcoin 2021 to announce the legal tender aspirations of his small but dollarized nation. On March 9, 2022 President Joe Biden signed Executive Order #14067–”Ensuring Responsible Development of Digital Assets”, which included aspirations for mitigation of financial risks in digital asset markets, as well as a clause stating that within 210 days, the attorney general, in consultation with the secretary of the treasury and the chairman of the Federal Reserve, must provide a formal proposal for a government-issued CBDC.

By this point, the Bitcoin financial system had been utterly and properly dollar-ified, with billions of dollars in liquidity of dollar-denominated trading pairs making up the lion’s share of market activity. The same can be said for the Ethereum network, which has seen its compliance-driven perversion by non-native assets taking the wheel from its token Ether, as stablecoin and other dollar derivatives now uphold the majority of economic weight of the system. Both stablecoin giants Circle, issuer of USDC, and Tether came out in support of the merge, further ossifying their stake in the now-nearly-70%-OFAC-compliant blockchain. [2] As of this article’s writing, over 15.5 million ether are currently staked without active withdrawals in the Ethereum 2.0 beacon chain, worth nearly $18 billion dollars.[3] Fortunately for Bitcoin, the consensus weight of its system is not manipulated by user stake, and thus the Bitcoin market has been seemingly unaffected – negatively anyway – by this decade-long development. At least until scammer Do Kwon and his ponzi-scheme Luna wreaked havoc on investors at the start of May of 2022.

"[Crypto ແມ່ນ] ຮ້າຍແຮງແນ່ນອນ ... ທ່ານຕ້ອງການເຮັດຢ່າງຖືກຕ້ອງໃນພື້ນທີ່ກົດລະບຽບ."

- President Bill Clinton, April 27, 2022 (Allegedly) [4]

ການແຜ່ກະຈາຍ

Only a few weeks after SBF hosted a keynote with former U.K. Prime Minister Tony Blair and President Bill Clinton at the FTX-organized Crypto Bahamas conference, one of the largest-ever over-the-counter bitcoin purchases was announced by the LUNA team.

Terraform Labs and the non-profit Luna Foundation Guard, two entities headed by Do Kwon, had begun a campaign to purchase bitcoin as a reserve asset in the event that their algorithmic stablecoin, UST, deviated from its $1 peg. Shortly before their collapse, the plan had ballooned to the lofty goal of stacking over $10 billion in the hardest known digital commodity known to man. This purchase was financed with Three Arrows Capital, or 3AC, and was facilitated by cryptocurrency broker Genesis.

"Terra's remarkable growth has continuously reshaped crypto markets over the last two years”, said Joshua Lim, head of derivatives at Genesis. “Genesis is excited to be a liquidity partner to the Terra ecosystem, connecting it to a broader audience of institutional market participants."

ມີ bitcoin reserves of Luna Foundation Guard totalling 80,394 BTC, valued at over $3.1 billion on May 5, 2022, this purchase placed LFG among the top-10 bitcoin holders in the world. [5] But only for a moment, for while it might feel like a lifetime ago, what happened next should look awfully familiar; the peg was attacked, the recently-purchased bitcoin fortune was liquidated, Binance, led by CEO Changpeng Zhao (CZ), aptly halted all trading on LUNA and UST pairs – with notable exceptions to their own stablecoin BUSD – and Kwon seemingly fled to outside of U.S. jurisdiction to Asia. [6]

Thus begins our first of many repeatable points of inquiry; where exactly did this bitcoin go? According to an audit released in November 2022, over 33,000 bitcoin were transferred to Binance on May 10, 2022, and sold along with other assets while failing to defend the peg. [7] The same day the nearly $1 billion dollars worth of bitcoin ມົນຕີ Binance’s order books, bitcoin’s USD price broke below $30,000, falling from $40,000 just a week before.

ໃນວັນທີ 13 ເດືອນພຶດສະພາ, SBF ໄດ້ຊື້ຫຸ້ນ 7.6% ໃນ Robinhood, ແພລະຕະຟອມການຄ້າທີ່ຢູ່ພາຍໃຕ້ການກວດສອບສໍາລັບການຢຸດການຊື້ຂາຍໃນລະຫວ່າງ GameStop fiasco ໃນຕົ້ນປີ 2021. Bloomberg ໄດ້ລາຍງານວ່າປະມານ 40% ຂອງລາຍໄດ້ຂອງ Robinhood ແມ່ນມາຈາກການຂາຍຄໍາສັ່ງຂອງລູກຄ້າໃຫ້ກັບບໍລິສັດດັ່ງກ່າວ. ເປັນຫຼັກຊັບ Sigma ສອງ, ແລະຫຼັກຊັບ Citadel. [8] Citadel ໄດ້ຖືກປັບໃຫມ 700,000 ໂດລາໃນເດືອນກໍລະກົດ 2020 ສໍາລັບການຊື້ຂາຍທີ່ດໍາເນີນຢູ່ທາງຫນ້າໂດຍຄໍາສັ່ງຂອງລູກຄ້າ, ແລະໃນເດືອນກັນຍາຂອງປີດຽວກັນ, Robinhood ຕົວຂອງມັນເອງໄດ້ຖືກຖາມໂດຍຄະນະກໍາມະການຫຼັກຊັບແລະຕະຫຼາດຫຼັກຊັບສະຫະລັດ (SEC) ສໍາລັບການແຈ້ງໃຫ້ລູກຄ້າຂອງການຂາຍຫຼັກຊັບທີ່ບໍ່ຖືກຕ້ອງ. ກັບບໍລິສັດການຄ້າຄວາມຖີ່ສູງທີ່ຮູ້ຈັກ.

ກ່ອນຫນ້ານີ້ໃນເດືອນທັນວາ 2020, Robinhood ໄດ້ຕົກລົງທີ່ຈະຈ່າຍ $ 65 ລ້ານເພື່ອຊໍາລະຄ່າບໍລິການທີ່ຜິດພາດຊ້ໍາຊ້ອນສໍາລັບການບໍ່ເປີດເຜີຍໃບຮັບເງິນຂອງພວກເຂົາຈາກບໍລິສັດການຄ້າດັ່ງກ່າວ. [9] ໃນເວລາທີ່ລັດຖະມົນຕີກະຊວງການເງິນທີ່ຖືກແຕ່ງຕັ້ງໃຫມ່ Janet Yellen ໄດ້ສະຫຼຸບໂດຍຫຍໍ້ກ່ຽວກັບປະທານາທິບໍດີ Joe Biden ທີ່ຖືກເລືອກຕັ້ງໃຫມ່ກ່ຽວກັບການຂັດແຍ້ງກ່ຽວກັບຜົນປະໂຫຍດນີ້ໃນເດືອນກຸມພາ 2021, ນາງເອງຕ້ອງໄດ້ຮັບການຍົກເວັ້ນດ້ານຈັນຍາບັນຍ້ອນໄດ້ຮັບຄ່າທໍານຽມລໍາໂພງຢ່າງຫນ້ອຍ $ 700,000 ຈາກ Citadel LLC ໃນປີ. ກ່ອນ. [10] SBF ໄດ້ເປີດເຜີຍການຊື້ນີ້ຜ່ານແບບຟອມ 13-D ທີ່ຍື່ນກັບ SEC, ມີມູນຄ່າ 648.3 ຕື້ໂດລາແລະໃຫ້ອໍານາດລົງຄະແນນສຽງຂອງລາວ 2.8% ໃນໂຄງສ້າງຮຸ້ນສອງຊັ້ນ, ພາຍໃຕ້ຫນ່ວຍງານ Emergent Fidelity Technologies; ຊື່ທີ່ເວົ້າວ່າໄດ້ຮັບການຜະລິດໂດຍສຸ່ມ. [11]

"ໃນວັນທີ 13 ເດືອນກໍລະກົດ, Coinbase Exchange ຈະຖືກລວມເອົາປື້ມຄໍາສັ່ງຂອງ USD ແລະ USDC. ເປັນສ່ວນຫນຶ່ງຂອງຂະບວນການປະສົມປະສານ, ປື້ມຄໍາສັ່ງຂອງ USDC ຈະຖືກລວມເຂົ້າພາຍໃຕ້ປື້ມຄໍາສັ່ງຂອງ USD ເພື່ອສ້າງປະສົບການການຄ້າທີ່ດີກວ່າ, ລຽບງ່າຍກວ່າທີ່ມີສະພາບຄ່ອງທີ່ເລິກເຊິ່ງກວ່າສໍາລັບ USD ແລະ USDC.”

- Coinbase Exchange Twitter, June 29, 2022 [12]

Circle, ນິຕິບຸກຄົນທີ່ຢູ່ເບື້ອງຫລັງ USDC stabilitycoin ທີ່ເພີ່ມຂຶ້ນ, ໄດ້ຂະຫຍາຍການສະເຫນີຂາຍລະຫວ່າງປະເທດຂອງພວກເຂົາໃນເມື່ອກ່ອນດ້ວຍການດໍາເນີນທຸລະກິດສາຂາຢູ່ໃນເບີມິວດາດ້ວຍການປະກາດໃນວັນທີ 22 ກໍລະກົດ 2019. [13] ນິຕິບຸກຄົນນີ້, ຍື່ນພາຍໃຕ້ກົດຫມາຍວ່າດ້ວຍທຸລະກິດຊັບສິນດິຈິຕອນຂອງ 2018 ( "DABA") ຫມາຍຄວາມວ່າ Circle ເປັນຜູ້ອອກເງິນຄົງທີ່ທີ່ສໍາຄັນທໍາອິດທີ່ໄດ້ຮັບໃບອະນຸຍາດ DABA Class F ("ເຕັມ") ເຊິ່ງກວມເອົາການດໍາເນີນງານຂອງພວກເຂົາໃນການຄຸ້ມຄອງ, ການບໍລິການຊໍາລະເງິນ, ການແລກປ່ຽນ, ການຊື້ຂາຍແລະການບໍລິການທາງດ້ານການເງິນເພີ່ມເຕີມພາຍໃນຊັບສິນດິຈິຕອນ. ຄູ່ຮ່ວມງານທະນາຄານອື່ນໆຂອງ Circle, Signet, Signature Bank ແລະ Silvergate Capital ໄດ້ກູ້ຢືມເງິນ USD ໃຫ້ແກ່ Celsius, Voyager, Block Fi, Three Arrows Capital ແລະ Alameda Research. ເມື່ອບົດຂຽນນີ້ຖືກຂຽນ, ທຸກຄົນໄດ້ຍື່ນການລົ້ມລະລາຍ. ສອງສາຂາທຸລະກິດອື່ນໆຂອງພວກເຂົາ, Galaxy Digital ແລະ Genesis, ຍັງໄດ້ລາຍງານການສູນເສຍອັນໃຫຍ່ຫຼວງໃນການລົ້ມລົງ FTX, ໂດຍມີຂ່າວລືກ່ຽວກັບຜົນກະທົບຂອງການຕິດເຊື້ອຕື່ມອີກ. Coinbase, ການແລກປ່ຽນຊື້ຂາຍສາທາລະນະພາຍໃຕ້ ticker $COIN, ປະກາດໃນຈົດຫມາຍຂອງຜູ້ຖືຫຸ້ນຂອງ Q2 2022 ວ່າເກືອບຫນຶ່ງສ່ວນສາມຂອງລາຍຮັບທັງຫມົດແມ່ນມາຈາກດອກເບ້ຍຂອງການຖືຄອງ USD, ລວມທັງຕໍາແຫນ່ງ USDC ຂະຫນາດໃຫຍ່:

"ລາຍໄດ້ດອກເບ້ຍແມ່ນ 33 ລ້ານໂດລາ, ເພີ່ມຂຶ້ນ 211% ເມື່ອທຽບກັບ Q1. ການເພີ່ມຂຶ້ນແມ່ນໄດ້ຂັບເຄື່ອນຕົ້ນຕໍໂດຍກິດຈະກໍາ USDC ຂອງພວກເຮົາ, ເຊັ່ນດຽວກັນກັບອັດຕາດອກເບ້ຍທີ່ສູງຂຶ້ນຍ້ອນວ່າພວກເຮົາສ້າງຄວາມສົນໃຈໃນກອງທຶນຄຸ້ມຄອງລູກຄ້າຂອງ fiat ... ໃນຕອນທ້າຍຂອງ Q2, ພວກເຮົາມີຊັບພະຍາກອນທັງຫມົດ $ 6.2 ຕື້ໂດລາສະຫະລັດ. ນອກຈາກນັ້ນ, ພວກເຮົາມີຊັບສິນ crypto 428 ລ້ານໂດລາ.” [14]

ເມື່ອຈົດຫມາຍສະບັບດັ່ງກ່າວຖືກປ່ອຍອອກມາໃນທ້າຍເດືອນສິງຫາ 2022, ດອກເບ້ຍ USDC ຖືເປັນ 12 ເດືອນແມ່ນສູງເຖິງ 4.7%, ໃນຂະນະທີ່ຜົນຜະລິດຫນຶ່ງເດືອນແມ່ນ 4%. ຮອດວັນທີ 16 ພະຈິກ 2022, ຜົນຜະລິດຂອງ USDC ໄດ້ຫຼຸດລົງເຖິງ 0% ຕະຫຼອດໄລຍະເວລາທັງໝົດ.[15]

“1) Binance converts USDC --> BUSD, and we see the change in supplies. Thus begins the Second Great Stablecoin War.”

- @SBF, October 23, 2022 [16]

ໃນເດືອນກັນຍາ 4, 2022, Binance announced that it would be auto-converting all USDC, USDP and TUSD, three major dollar stablecoins, into its self-issued BUSD, effective in just 25 days. [17] This led to continued concerns about Binance’s solvency with the preceding few months, especially July 2022, seeing the largest known outflows of bitcoin in the exchange’s history, eclipsing even March 2020’s black swan bottom.

ວັນທີ 11 ຕຸລານີ້, 216 ມື້ຫຼັງຈາກຄຳສັ່ງບໍລິຫານຂອງທ່ານ Biden ດ້ວຍຂໍ້ກຳນົດທີ່ກ່າວມາເປັນເວລາ 210 ວັນ, BNY Mellon, ທະນາຄານຄຸ້ມຄອງໃຫຍ່ທີ່ສຸດຂອງໂລກທີ່ມີປຶ້ມຫຼາຍກວ່າ 43 ຕື້ໂດລາສະຫະລັດ, ແລະບັງເອີນ, ເຈົ້າໜ້າທີ່ຄຸ້ມຄອງຄັງສຳຮອງຂອງ Circle ທີ່ໜູນຫຼັງ USDC, ໄດ້ປະກາດການເປີດຕົວ. ໂຄງການຄຸ້ມຄອງຊັບສິນດິຈິຕອນ. [18] ມີສ່ວນຮ່ວມກັບຫຼາຍກ່ວາ 20% ຂອງຊັບສິນທີ່ລົງທຶນຂອງໂລກ, ທະນາຄານທີ່ສ້າງຕັ້ງຂຶ້ນໂດຍເລຂາທິການທໍາອິດຂອງຄັງເງິນ, Alexander Hamilton, ຍັງໄດ້ຖືກລະບຸໄວ້ເປັນຄູ່ຮ່ວມງານໃນການທົດລອງ FedNow. [19]

Despite these institutional developments, a continued bear market weighed heavily on the now-plummeting bitcoin price. Paradoxically, more and more Bitcoin hash rate poured onto the network. These concurrent movements saw Bitcoin’s hash price plummet to an all-time low, spurring a massive liquidation of bitcoin liabilities off mining operators books. On October 26, Core Scientific, then the largest Bitcoin mining operation in the world, filed for bankruptcy with millions of dollars in debt liabilities, thousands of ASICs, and yet in their filings, held only 24 bitcoin total when the circus came to town. [20] Where exactly did all this bitcoin go? On that same day, barely two weeks before the FTX collapse, Binance saw its largest single day outflow, with 71,579 coins, totalling over $1.1 billion in dollar terms. [21] This pushed net outflows to nearly 95,000 coins from the world’s largest exchange since just that July. Again, where exactly did all this bitcoin go? The very next day, October 27, 2022, SBF appeared on The Big Whale and announced future plans for FTX to launch its very own stablecoin. [22]

Sand ຫຼາຍກ່ວາໂດລາ

“CIA ແລະ Mossad ແລະ pedo elite ກໍາລັງດໍາເນີນການ blackmail ການລັກລອບຄ້າມະນຸດບາງປະເພດອອກຈາກ Puerto Rico ແລະຫມູ່ເກາະ caribbean. ພວກເຂົາເຈົ້າຈະພາຂ້າພະເຈົ້າກັບຄອມພິວເຕີທີ່ປູກໂດຍ ex gf ຂອງຂ້າພະເຈົ້າຜູ້ທີ່ເປັນ spy ເປັນ. ພວກເຂົາຈະທໍລະມານຂ້ອຍຈົນຕາຍ.”

- Nikolai Muchgian, October 28, 2022 [23]

ໃນວັນທີ 24 ເດືອນຕຸລາປີ 2022, MakerDAO ໄດ້ອະນຸມັດຂໍ້ສະເຫນີຂອງຊຸມຊົນເພື່ອຄຸ້ມຄອງດູແລເກືອບ $ 1.6 ຕື້ USDC ກັບ Coinbase Prime. [24] ສີ່ມື້ຕໍ່ມາ, Nikolai Muchigan, ຜູ້ຮ່ວມກໍ່ຕັ້ງຂອງ MakerDAO ແລະ inventor ຂອງ Rai, ເປັນ DAI-fork stabilitycoin, tweeted ວ່າຊີວິດຂອງລາວຢູ່ໃນອັນຕະລາຍເນື່ອງຈາກແຫວນ blackmail ເກາະ Caribbean, supposedly ສະຫນັບສະຫນູນໂດຍ Israeli ແລະສະຫະລັດອົງການສືບລັບ. . ສາມມື້ຕໍ່ມາ, ໃນວັນ Halloween, ຜູ້ເຂົ້າລະຫັດ Muchigan ອາຍຸ 29 ປີໄດ້ຖືກພົບເຫັນຕາຍແລ້ວ, ໄດ້ຈົມນ້ໍາຢູ່ໃນທະເລນອກຫາດຊາຍ Condado ໃນ Puerto Rico. [25]

Two days later, on November 2, 2022, CoinDesk reporter Ian Allison released findings that over a third of all assets – around $5.8 billion of $14.6 billion – on the balance sheet of SBF’s Alameda Research was intrinsically, and soon to be fatally, linked to FTX’s exchange token FTT. A “bank” run commenced, and after three days of nearly $6 billion in withdrawals, FTX was left with literally one single bitcoin. Where exactly did all this bitcoin go? The next day in an interview with Fortune, Coinbase founder and CEO Brian Armstrong made note that USDC will become the de facto central bank digital currency in the U.S. [26]

"ຜູ້ວາງນະໂຍບາຍໃນສະຫະລັດຈະກໍານົດຂອບເຂດທີ່ຕ້ອງປະຕິບັດຕາມເພື່ອໃຫ້ຕະຫຼາດເອກະຊົນສ້າງວິທີແກ້ໄຂ, ແລະຫຼຽນ USD ເພີ່ມຂຶ້ນຢ່າງໄວວາ ... ເພື່ອໃຫ້ມີການຂະຫຍາຍຕົວຂອງອຸດສາຫະກໍານີ້ແລະບາງທີອາດຈະໄດ້ຮັບລາຄາທີ່ຈະກັບຄືນໄປໃນທິດທາງທີ່ຖືກຕ້ອງ."

- Brian Armstrong, November 3, 2022

On November 6, CZ announced Binance would liquidate a remaining portion of FTT it had acquired from exiting FTX’s equity, having received around $2.1 billion in BUSD and FTT. Minutes after his announcement, Caroline Ellison, SBF’s partner and the CEO of Alameda Research, offered to purchase the tokens at $22 each, in an over-the-counter fashion. [27] By November 8, CZ and SBF had a phone call and seemingly came to a tentative deal for acquisition, reserving the right to back out of the deal at any time, while interestingly also leaving both U.S.-based proprietary exchanges, Binance.us and FTX.us, outside the scope of the deal.

“Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc)”, SBF tweeted. [28]

ຕໍ່ມາຕອນແລງນັ້ນ, FTX ໄດ້ໂຈະການຖອນຊັບສິນທັງໝົດຢ່າງເປັນທາງການ. ເປັນສ່ວນຫນຶ່ງຂອງເງື່ອນໄຂຂອງການຊື້, SBF ໄດ້ຖືກບັງຄັບໃຫ້ເປີດປື້ມ FTX ແລະສະແດງດ້ານລຸ່ມຂອງຖົງຂອງລາວ; ເຫັນດິນຊາຍຫຼາຍກວ່າເງິນໂດລາ, CZ ສະຫນັບສະຫນູນອອກຈາກຂໍ້ຕົກລົງ. ຖະແຫຼງການອັນສຳຄັນຈຳນວນໜຶ່ງໄດ້ມີຂຶ້ນໃນ 48 ຊົ່ວໂມງ ຫຼື ຕໍ່ມາ ເຊິ່ງພາໃຫ້ເກີດໄພພິບັດຢ່າງກະທັນຫັນນີ້, ລວມທັງຈາກຄະນະກຳມາທິການຫຼັກຊັບ ແລະ ຕະຫຼາດຫຼັກຊັບສະຫະລັດ ທີ່ງຽບສະຫງັດ.

“Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.”

- CZ, November 6, 2022 [29]

ໃນວັນທີ 7 ພະຈິກ 2022, SEC ໄດ້ຖືວ່າ LBRY, ຫຼື Library Coin ຢ່າງເປັນທາງການ, ເປັນການສະເຫນີຂາຍຄວາມປອດໄພທີ່ບໍ່ໄດ້ລົງທະບຽນ, ວາງຕົວຢ່າງທີ່ຮ້າຍກາດໃນທົ່ວຕະຫຼາດ cryptocurrency ຂະຫຍາຍ. [30] ໃນສານຂອງສະຫະລັດສໍາລັບເຂດ New Hampshire, ບົດບັນທຶກແລະຄໍາສັ່ງອ່ານວ່າ, "ຄະນະກໍາມະການຫຼັກຊັບແລະຕະຫຼາດຫຼັກຊັບ (SEC) ໂຕ້ຖຽງວ່າ LBRY, Inc. ສະເຫນີແລະຂາຍຫຼັກຊັບທີ່ບໍ່ໄດ້ລົງທະບຽນໂດຍການລະເມີດມາດຕາ 5 ຂອງຫຼັກຊັບ. ກົດຫມາຍວ່າດ້ວຍການ 1933, ການກະທໍາທີ່ເອີ້ນວ່າການທົດສອບ Howey.

ເນື່ອງຈາກ LBRY ສະຫງວນໄວ້ກ່ອນຂຸດຄົ້ນບໍ່ແຮ່ເກືອບ 400 ລ້ານ LBC tokens, ແລະຄວາມຮູ້ທີ່ບໍລິສັດມາຮອດປະຈຸບັນໄດ້ໃຊ້ເວລາປະມານເຄິ່ງຫນຶ່ງຂອງ LBC ທີ່ຂຸດຄົ້ນກ່ອນ, SEC ໄດ້ກໍານົດວິສາຫະກິດທົ່ວໄປທີ່ສົມບູນໂດຍການຂາດການເປີດເຜີຍແລະການຍື່ນເອກະສານທີ່ຖືກຕ້ອງ. ໃນປັດຈຸບັນທີ່ຖືກກ່າວຫາວ່າການສະເຫນີຄວາມປອດໄພໂດຍຜ່ານຊ່ອງທາງທີ່ຈໍາເປັນໃນ SEC ທີ່ເປັນປະທານ Gary Gensler. ຜົນສະທ້ອນຂອງການຍື່ນນີ້ໄດ້ສົ່ງຄື້ນຊ໊ອກໃນທົ່ວອຸດສາຫະກໍາ token ກ່ອນການຂຸດຄົ້ນ, ລວມທັງການແລກປ່ຽນລາຍຊື່ tokens ເຫຼົ່ານີ້ເຊັ່ນດຽວກັນກັບຫນ່ວຍງານທີ່ຢູ່ເບື້ອງຫລັງການອອກຂອງພວກເຂົາ. ສະດວກ, ມື້ຕໍ່ມາແມ່ນວັນທີ 8 ເດືອນພະຈິກ, ການເລືອກຕັ້ງກາງສະໄໝຂອງສະຫະລັດ, ດ້ວຍຄວາມສົມດູນຂອງສະພາສູງແລະເຮືອນ - ແລະບາງທີເສັ້ນທາງກົດລະບຽບຂອງອຸດສາຫະກໍາຊັບສິນດິຈິຕອນ - ອີກເທື່ອຫນຶ່ງ.

ການຊອກຫາ FTX ໃນ FEC.gov ນໍາເອົາການປະກອບສ່ວນຂອງແຄມເປນສ່ວນບຸກຄົນ 456 ຈາກ SBF, CEO Ryan Salame, ແລະອື່ນໆ. [31] ການປະກອບສ່ວນຂອງ Salame ທັງຫມົດຫຼາຍກວ່າ $ 14 ລ້ານຕໍ່ຜູ້ສະຫມັກ GOP, ໃນຂະນະທີ່ SBF "altruism ທີ່ມີປະສິດທິພາບ" ໄດ້ປະກອບສ່ວນຫຼາຍກວ່າ $ 20 ລ້ານໃນການບໍລິຈາກໃຫ້ແກ່ນັກການເມືອງ DNC. ໂດຍໄດ້ເປັນຜູ້ໃຫ້ທຶນຊັ້ນນໍາອັນດັບສອງຂອງການໂຄສະນາຫາສຽງ Biden, ເມື່ອຈໍານວນຕົວເລກສຸດທ້າຍຈາກການເລືອກຕັ້ງຄືນໃຫມ່, ທະນາຄານຂອງ SBF ສຸດທ້າຍໄດ້ຕິດຢູ່ກັບສິນທໍາຂອງລາວ, ແລະລາວໄດ້ພົບເຫັນຕົວເອງເກືອບລົ້ມລະລາຍ.

By November 9, the day after the elections, SBF had reportedly lost 94% of his net worth, down to $1 billion from more than $15 billion, leaving him with the largest single-day loss by a person according to the Bloomberg Billionaire Index. [32] Early in the morning of November 10, SBF took to Twitter to explain what happened, writing “I'm sorry. That's the biggest thing. I fucked up, and should have done better”, before making a specific note that “THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!” [33]

ບົດ 11

“The administration [...] has consistently maintained that without proper oversight, cryptocurrencies risk harming everyday Americans…The most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed.”

- White House Press Secretary Karine Jean-Pierre, November 10, 2022 [34]

ໃນມື້ທີ 11 ຂອງເດືອນທີ 130, FTX ແລະ Alameda Research ໄດ້ຍື່ນຢ່າງເປັນທາງການສໍາລັບການປ້ອງກັນການລົ້ມລະລາຍຂອງບົດທີ 11, ແລະ SBF ໄດ້ອອກຈາກຕໍາແຫນ່ງ CEO. ນອກຈາກນັ້ນ, 35 ບໍລິສັດທີ່ກ່ຽວຂ້ອງທີ່ເຊື່ອມຕໍ່ຫຼືກ່ຽວຂ້ອງກັບ FTX ຍັງໄດ້ເລີ່ມການດໍາເນີນຄະດີແບບສະຫມັກໃຈພາຍໃຕ້ບົດທີ XNUMX. [XNUMX] ນ້ໍາໄດ້ຫມົດໄປ, ແລະເກືອບທຸກຄົນທີ່ກ່ຽວຂ້ອງໄດ້ຖືກຈັບໄດ້ລອຍນ້ໍາເປືອຍກາຍ, ເປັນຄື້ນຟອງນ້ໍາເກືອບບໍ່ສິ້ນສຸດຂອງການຊໍາລະເງິນໂດລາສະນາມ. ວຽກງານໄວຂອງອານາຈັກ Caribbean ຂອງ SBF.

ໃນຂະນະທີ່ trickles ທໍາອິດຂອງ CBDC ເງິນໂດລາອາດຈະໄດ້ເລີ່ມຕົ້ນໃນ Bahamas, ລົມມໍລະສຸມຂອງການມາເຖິງແລະການແຜ່ລະບາດຂອງສົງຄາມ Stablecoin ທີ່ຍິ່ງໃຫຍ່ຄັ້ງທີສອງແມ່ນຢູ່ໄກກວ່າ. ເງິນໂດລາ, ໂດຍໄດ້ຫຼຸດລົງ 10% ຈາກຈຸດສູງສຸດຂອງ DXY 35 ປີນັບຕັ້ງແຕ່ເດືອນກັນຍາ, ຊອກຫາວິທີການໃຫມ່ເພື່ອປະດິດສ້າງແລະເພີ່ມຕະຫຼາດເງິນໂດລາທົ່ວໂລກ.

On November 15, just four days after the SBF tsunami crashed to shore, BNY Mellon, as well as a dozen or so other banking institutions, announced the start of a twelve-week digital dollar pilot program with the Federal Reserve Bank of New York. [36] On the very same day, BlockFi announced plans for bankruptcy filings, only five months after taking a $250 million loan from FTX, and Circle announced users would now be able to settle payments by accepting Apple Pay. [37,38] With a significant 43% discount now showing on the highly-regulated Grayscale Bitcoin Trust, further community requests for proof of reserves are growing around Genesis and Grayscale, both owned by the Digital Currency Group, and even their custodian, Coinbase Custody. [39,40] As of this writing, these requests have so far been denied for security reasons.

ໃນຂະນະທີ່ປະກົດວ່າກໍາລັງຂັບເຄື່ອນຄື້ນຂອງການປະຕິວັດຊັບສິນດິຈິຕອລທີ່ກໍາລັງຂະຫຍາຍຕົວ, ການລວບລວມການຮັບຮອງທີ່ມີຊື່ສຽງແລະພັນທະມິດທາງດ້ານການເມືອງຢ່າງດຽວກັນ, ມັນປາກົດວ່າ SBF ກໍາລັງຈົມຢູ່ໃນຫນີ້ສິນແລະການຈັດສັນທຶນທີ່ບໍ່ຖືກຕ້ອງໃນບັນດາຄໍາສັນລະເສີນທີ່ມີຊື່ສຽງ. ຕໍ່ມາໃນເດືອນພະຈິກນັ້ນ, ໃນວັນທີ 30 ພະຈິກ, SBF ໄດ້ຖືກກໍານົດໃຫ້ປະກົດຕົວໃນເຫດການ New York Times, ສະຫນັບສະຫນູນໂດຍ Accenture, ພ້ອມກັບເລຂາທິການ Yellen, Meta CEO Mark Zuckerberg, ປະທານາທິບໍດີຢູເຄລນ Volodymyr Zelensky, CEO Larry Fink ຂອງ BlackRock, CEO Shou Chew, TikTok, ອະດີດຮອງປະທານາທິບໍດີ Michael Pence, CEO Amazon Andy Jassy, ຜູ້ຮ່ວມກໍ່ຕັ້ງ Netflix ແລະ CEO Reed Hastings, ເຈົ້າຄອງນະຄອນນິວຢອກ Eric Adams, ແລະອື່ນໆ; ປີ້ສໍາລັບເຫດການດັ່ງກ່າວໄດ້ລະບຸໄວ້ຢູ່ທີ່ $2,499 ຕໍ່ຜູ້ເຂົ້າຮ່ວມ.[41] ການສໍາພາດລະຫວ່າງ SBF ແລະ Andrew Ross Sorkin ໄດ້ຖືກຖ່າຍທອດຕາມການໂຄສະນາ, ເຖິງແມ່ນວ່າທັງສອງຝ່າຍຍິງຈາກໄລຍະໄກ.

Bitcoin tends to be a ballast of truth, bringing all sorts of ballooning fraud rushing to the surface. FTX and Alameda Research will take their place amongst the seemingly too-big-to-sink players that ended up doing just that. They will certainly not be the last. However the following weeks, months, and years play out, it is clear that SBF was but a small fish in an ocean-sized, dollarized pond. And as he quickly found out, there is always a bigger fish.

"ໃນບາງຈຸດ, ຂ້ອຍອາດຈະເວົ້າຫຼາຍຂື້ນກ່ຽວກັບຄູ່ສົມລົດໂດຍສະເພາະ, ສະນັ້ນການເວົ້າ. ແຕ່ເຈົ້າຮູ້, ເຮືອນແກ້ວ. ດັ່ງນັ້ນສໍາລັບໃນປັດຈຸບັນ, ທັງຫມົດທີ່ຂ້າພະເຈົ້າຈະເວົ້າວ່າ: ມີຄົນຫຼິ້ນດີ; ເຈົ້າຊະນະ.” [42]

– Sam Bankman-Fried, ວັນທີ 10 ພະຈິກ 2022