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

By Bitcoin Jurnal - 1 yil oldin - O'qish vaqti: 17 daqiqa
8-yil 2022-dekabr, payshanba, soat 1:19

bu yerni bosing shunchaki yaratish uchun bepul savdo hisobvarag'i va favo kripto pulingizni sotib olishni boshlang bir necha daqiqa ichida!

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.

qissasi 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.

The 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.

"Agar Bagama orollari sizning global soliq tizimingizni buzgan deb hisoblasangiz, sizda juda dahshatli global soliq tizimi mavjud."

- Steven Dean, Summer 2020 [1]

Stablecoinni ishga tushirish, CBDC Poygasi pastga

Bagama orollari etarlicha zararsiz bo'lib ko'rinadi, ammo AQShda soliq to'lashdan qochishning uzoq tarixi mavjud bo'lib, u taqiqlangan davrda rom bilan ishlaydigan bootleggerlar bilan to'la. Ushbu an'anani davom ettirgan holda, Karib havzasi bank markazlari, jumladan Bagama orollari va Kayman orollari, 2022 yil avgust holatiga ko'ra, G'azna qimmatli qog'ozlarining to'rtinchi yirik xorijiy egalari bo'lib, faqat Yaponiya, Xitoy va Buyuk Britaniyadan keyin, FTX tashkil etilganidan ko'p o'tmay. 2008 yildagi halokat bilan boshlangan va Trump ma'muriyati tomonidan olib kelingan pastdan nolga teng foiz stavkalari bilan ta'minlangan bo'sh pul davridan to'liq foydalandi.

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

O'sha paytda AQSh hukumati tizimli xavfdan qo'rqib ketgan bo'lsa-da, Xitoy hukumati Libra loyihasini o'z savatiga kiritilishi haqidagi mish-mishlarga ko'ra G7 valyutalarining orqa eshikli dollarizatsiyasi deb tushundi. Metaverse tomonidan 1985 yilda Plaza Accord bo'yicha qabul qilingan muvofiqlashtirilgan markaziy bankning ushbu rejasi AQSh dollari tarmog'i foydalanuvchilarini Internetning eng katta tarmog'i bo'ylab tarqatadi, markazlashtirilgan raqamli to'lovlarda mavjud bo'lgan yuqori tezlik bilan tezlashadi va Facebook foydalanuvchi bazasining chegarasiz tabiati bilan globallashadi. .

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.

Shu nuqtaga kelib, 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.

"[Kripto] shubhasiz jiddiy ... siz uni tartibga solish sohasida to'g'ri qilishni xohlaysiz."

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

Infektsiyaning tarqalishi

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."

Bilan 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 bosing Binance’s order books, bitcoin’s USD price broke below $30,000, falling from $40,000 just a week before.

13-may kuni SBF Robinhoodning 7.6% ulushini sotib oldi, bu savdo platformasi 2021-yil boshida GameStop fiaskosi paytida savdoni to‘xtatgani uchun tekshirildi. Bloomberg xabariga ko‘ra, Robinhood daromadining taxminan 40% to‘g‘ridan-to‘g‘ri mijozlarning shu kabi firmalarga buyurtmalarini sotishdan tushgan. Ikki Sigma Securities va Citadel Securities kabi. [8] Citadel 700,000-yil iyul oyida mijozlar buyurtmalari bilan tuzilgan oldingi savdolar uchun 2020 XNUMX AQSh dollari miqdorida jarimaga tortildi va oʻsha yilning sentyabr oyida Robinhoodning oʻzi mijozlarni birja savdolarini sotish toʻgʻrisida notoʻgʻri xabardor qilgani uchun AQSh Qimmatli qogʻozlar va birja komissiyasi (SEC) tomonidan soʻroq qilindi. ma'lum yuqori chastotali savdo firmalariga.

Ilgari 2020 yil dekabr oyida Robinhood ushbu savdo firmalaridan to'lov kvitansiyalarini oshkor etmaganlik uchun takroriy noto'g'ri ma'lumotlar uchun ayblovlarni hal qilish uchun 65 million dollar to'lashga rozi bo'lgan edi. [9] 2021-yil fevral oyida yangi nomzod boʻlgan Gʻaznachilik kotibi Janet Yellen yangi saylangan prezident Jo Baydenga ushbu manfaatlar toʻqnashuvi haqida maʼlumot berganida, uning oʻzi yiliga “Citadel” MChJdan kamida 700,000 10 AQSh dollari miqdoridagi maʼruzachilar uchun toʻlov olganligi sababli axloq qoidalaridan voz kechishga majbur boʻldi. oldin. [13] SBF ushbu xaridni SECga taqdim etilgan 648.3-D jadval shakli orqali oshkor qildi, uning qiymati 2.8 milliard dollarni tashkil etdi va unga Emergent Fidelity Technologies korxonasi ostida ikki toifali ulushlar tarkibida 11% ovoz berish huquqini berdi; tasodifiy yaratilgan ism. [XNUMX]

“13 iyul kuni Coinbase Exchange USD va USDC buyurtma kitoblarini birlashtiradi. Birlashtirish jarayonining bir qismi sifatida, USDC buyurtma kitoblari USD va USDC uchun chuqurroq likvidlik bilan yaxshiroq, uzluksiz savdo tajribasini yaratish uchun USDC buyurtma kitoblari ostida birlashtiriladi.

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

Borgan sari koʻproq foydalaniladigan USDC stablecoin ortidagi tashkilot boʻlgan Circle 22-yil 2019-iyulda eʼlon qilingan eʼlon bilan Bermudada joylashgan shoʻba korxonasi bilan xalqaro takliflarini kengaytirgan edi. “DABA”) Circle raqamli aktivlar sohasida saqlash, toʻlov xizmatlari, ayirboshlash, savdo va boshqa moliyaviy xizmatlarni oʻz ichiga olgan F toifasi (“Toʻliq”) DABA litsenziyasini olgan birinchi yirik stabilkoin emitenti ekanligini anglatardi. Circle-ning boshqa bank hamkorlari Signet, Signature Bank va Silvergate Capital Celsius, Voyager, Block Fi, Three Arrows Capital va Alameda Research kompaniyalariga AQSh dollari miqdorida kreditlar bergan. Ushbu maqola yozilgunga qadar hamma bankrotlik to'g'risida ariza bergan edi. Ularning boshqa ikkita biznes sho'basi, Galaxy Digital va Genesis ham FTX qulashida katta yo'qotishlar haqida xabar berishdi va keyingi yuqumli ta'sirlar haqida mish-mishlar keladi. Coinbase, $COIN belgisi ostida ochiq sotiladigan birja 13-yilning 2018-choragi aktsiyadorlariga yozgan maktubida jami daromadning qariyb uchdan bir qismi USDC denominatsiyalangan xoldinglar foizlaridan, shu jumladan USDCning katta pozitsiyasidan olinganligini eʼlon qildi:

“Foiz daromadi 33 million dollarni tashkil etdi, bu birinchi chorakga nisbatan 211 foizga oshgan. O'sish, birinchi navbatda, bizning USDC faolligimiz, shuningdek, yuqori foiz stavkalari bilan bog'liq edi, chunki biz fiat mijozlarning kastodial fondlariga foizlarni yaratdik… 1-chorak oxirida bizda 2 milliard AQSh dollari miqdoridagi jami resurslar mavjud edi. Bundan tashqari, bizda 6.2 million dollarlik kripto aktivlar bor edi”. [428]

Xat 2022 yil avgust oyi oxirida e'lon qilinganida, USDC xoldinglari bo'yicha 12 oylik foizlar 4.7% gacha, bir oylik daromad esa hatto 4% edi. 16-yil 2022-noyabrga kelib, USDC daromadliligi barcha vaqt oralig‘ida 0% gacha pasaydi.[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]

Sentyabr 4, 2022 kuni 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.

11-oktabr kuni, Baydenning yuqorida aytib o'tilgan 216 kunlik bandi bilan ijro etuvchi buyrug'idan 210 kun o'tgach, kitoblarida 43 trillion dollardan ortiq mablag'ga ega dunyodagi eng yirik kastodian banki BNY Mellon va tasodifan, USDCni qo'llab-quvvatlovchi Circle zahiralarining saqlovchisi o'zining ishga tushirilishini e'lon qildi. raqamli aktivlarni saqlash dasturi. [18] Dunyodagi investitsiya qilinadigan aktivlarning 20% dan ortig'iga ega bo'lgan bank, G'aznachilikning birinchi kotibi Aleksandr Hamilton tomonidan asos solingan, FedNow pilot dasturining hamkori sifatida ham ro'yxatga olingan. [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]

Dollardan ko'ra ko'proq qum

“CIA, Mossad va pedo elita Puerto-Riko va Karib dengizi orollarida jinsiy aloqada bo'lgan odam savdosi bo'yicha shantaj rishtalarini boshqarmoqda. Ular meni ayg'oqchi bo'lgan sobiq gfim tomonidan ekilgan noutbuk bilan ramkaga solishmoqchi. Meni qiynoqqa solib o‘ldirishadi”.

- Nikolai Muchgian, October 28, 2022 [23]

24-yil 2022-oktabrda MakerDAO Coinbase Prime bilan qariyb 1.6 milliard USDC ni saqlash bo‘yicha hamjamiyat taklifini ma’qulladi. [24] Toʻrt kundan soʻng MakerDAO asoschisi va DAI-fork stabilkoin Rai ixtirochisi Nikolay Muchigan oʻz hayotini Isroil va AQSh razvedka agentliklari tomonidan qoʻllab-quvvatlangan Karib dengizidagi oroldagi shantaj rishtasi tufayli xavf ostida qolganini tvit qildi. . Uch kundan so'ng, Xellouin bayramida 29 yoshli koder Muchigan Puerto-Rikodagi Kondado plyaji yaqinidagi dengizga cho'kib o'lik holda topildi. [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]

“AQShdagi siyosatchilar xususiy bozor haqiqatda yechimlarni yaratishi uchun amal qilinishi kerak bo'lgan asosni o'rnatadilar va USD tangasi haqiqatan ham tez o'sishda edi ... tartibga solish muhiti biz olib borayotgan eng katta qulflardan biridir. bu sanoatni rivojlantirish va hatto narxlarni to'g'ri yo'nalishga qaytarish uchun ega bo'lish "

- 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]

O'sha kuni kechqurun FTX barcha aktivlarni olib qo'yishni rasman to'xtatdi. Sotib olish shartlarining bir qismi sifatida SBF FTX kitoblarini ochishga va cho'ntaklarining pastki qismini ko'rsatishga majbur bo'ldi; dollardan ko'ra ko'proq qum ko'rib, CZ kelishuvdan qaytdi. 48 soat ichida bir nechta muhim bayonotlar, shu jumladan AQSh Qimmatli qog'ozlar va birjalar komissiyasining o'zidan ham bu to'satdan kataklizmga olib keldi.

“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]

7-yil 2022-noyabrda SEC rasmiy ravishda LBRY yoki Library Coin-ni ro‘yxatdan o‘tmagan qimmatli qog‘ozlar taklifi deb hisobladi va kengaytirilgan kriptovalyuta bozorida halokatli pretsedent o‘rnatdi. [30] Amerika Qoʻshma Shtatlarining Nyu-Xempshir okrugi okrug sudida memorandum va buyruqda shunday deyilgan: “Qimmatli qogʻozlar va birja komissiyasi (SEC) LBRY, Inc. qimmatli qogʻozlar boʻlimining 5-boʻlimini buzgan holda roʻyxatdan oʻtmagan qimmatli qogʻozlarni taklif qilgan va sotgan, deb daʼvo qiladi. 1933 yilgi qonun "Huey testi deb nomlanuvchi akt.

LBRY 400 millionga yaqin LBC tokenlarini oldindan zaxiraga qo'yganligi va kompaniya shu kungacha oldindan qazib olingan LBCning yarmini sarflaganligini bilishi sababli, SEC umumiy korxonani oshkor etilmagan va to'g'ri topshirilgan holda to'liq aniqladi. Endi Gari Gensler raisligidagi SECda talab qilinadigan kanallar orqali xavfsizlik taklifi da'vo qilingan. Ushbu arizaning oqibatlari oldindan qazib olingan token sanoatida, shu jumladan ushbu tokenlar ro'yxatini ko'rsatadigan birjalar, shuningdek ularni chiqarish ortidagi shaxslar bo'ylab zarba to'lqinlarini yubordi. Qulaylik bilan, ertasi kuni 8-noyabr, Amerika Qo'shma Shtatlarida oraliq saylovlar bo'lib o'tdi, senat va uyning muvozanati - va ehtimol, raqamli aktivlar sanoatining tartibga soluvchi yo'li - yana bir bor xavf ostida.

FEC.gov saytida FTX qidiruvi SBF, bosh direktor Rayan Salame va boshqalarning 456 ta shaxsiy kampaniya hissalarini keltirib chiqaradi. [31] Salamening GOP nomzodlariga qoʻshgan hissasi 14 million dollardan koʻproqni tashkil etgan boʻlsa, SBFning “samarali altruizmi” DNC siyosatchilariga 20 million dollardan ortiq xayriya hissasini qoʻshgan. Bayden kampaniyasining ikkinchi etakchi donori bo'lgan, saylov kechasi yakuniy hisob-kitoblar boshlanganda, SBFning bankrolli nihoyat uning axloqiga erishdi va u o'zini deyarli bankrot deb topdi.

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]

bob 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]

O'n birinchi oyning o'n birinchi kunida FTX va Alameda Research 11-bobning bankrotlikdan himoya qilish uchun rasman ariza berdi va SBF bosh direktor lavozimidan ketdi. Bundan tashqari, FTX bilan bogʻlangan yoki unga aloqador boʻlgan 130 ta shoʻba kompaniyalar ham 11-bobga muvofiq ixtiyoriy jarayonni boshladilar. [35] Toʻlqinlar toʻxtab qoldi va deyarli barcha ishtirokchilar yalangʻoch holda suzishda qoʻlga tushdi, chunki dollardagi likvidatsiyalarning cheksiz toʻlqini sodir boʻldi. SBF ning Karib imperiyasining tezkor ishi.

Dollar CBDC ning birinchi tomchilari Bagama orollarida boshlangan bo'lishi mumkin bo'lsa-da, Ikkinchi Buyuk Stablecoin urushining tartibga solinishi va yuqishi mussoni hali tugamaydi. Sentyabr oyidan beri 10 yillik DXY eng yuqori ko'rsatkichlaridan 35 foizga tushib ketgan dollar butun dunyo bo'ylab bozorlarni innovatsiya qilish va yanada dollarlashtirishning yangi usullarini qidirmoqda.

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.

Raqamli aktivlar inqilobining jadal sur'atlarida ketayotganga o'xshab, taniqli shaxslarni qo'llab-quvvatlaganlar va siyosiy ittifoqchilarni to'plagan bo'lsa-da, SBF baland ovozda, asosiy maqtovlar orasida qarzga va kapitalning noto'g'ri taqsimlanishiga botib ketgan. Oʻsha oyning oxirida, 30-noyabr kuni SBF Accenture homiyligidagi New York Times tadbirida kotib Yellen, Meta bosh direktori Mark Tsukerberg, Ukraina prezidenti Volodimir Zelenskiy, BlackRock bosh direktori Larri Fink, TikTok bosh direktori Shou Chew bilan shaxsan ishtirok etishi kerak edi. sobiq vitse-prezident Maykl Pens, Amazon bosh direktori Endi Jassi, Netflix asoschisi va bosh direktori Rid Xastings, Nyu-York meri Erik Adams va boshqalar; Tadbir uchun chiptalar har bir ishtirokchi uchun 2,499 dollardan sotilgan.[41] SBF va Endryu Ross Sorkin o'rtasidagi intervyu har ikki tomon masofadan turib suratga olingan bo'lsa ham, reklama qilinganidek uzatildi.

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.

“Qandaydir sparring sherigim haqida ko'proq gapirishim mumkin. Lekin bilasizmi, shisha uylar. Hozircha men aytaman: yaxshi o'ynadi; yutdingiz." [42]

- Sem Bankmen-Frid, 10 yil 2022-noyabr