CZ Binance, Sam Bankman-Fried, $FTT, $SOL: Short Summary: CZ | DuRtY Crypto Announcements

CZ Binance, Sam Bankman-Fried, $FTT, $SOL:

Short Summary: CZ Binance essentially selling all $FTT on balance sheet because he claims that SBF is lobbying against the crypto industry behind everyone's backs. (Binance had 2.1B$ worth of equity with a combination of BUSD + FTT).

Speculation: SBF took the $FTT to Alameda Research. Borrowed against it and gave out a bunch of loans. If price of $FTT goes down enough he can essentially get liquidated (margin called) for a huge position. This may have a cascading effect (death spiral) similar to LUNA collapse. SBF also has tons of illiquid assets which can't be sold to cover his position. SBF has ~863M$ of locked Solana and 292M$ of unlocked $SOL. Possible that he sells Solana position to cover for FTT.

Note: Could absolutely be wrong, this is complete speculation!

TLDR: Please remember this guys. Not your keys not your crypto! Be careful with $FTT, FTX exchange, and be mindful of potential $SOL sell pressure. As we've seen with LUNA collapse, things can happen in the blink of an eye.

What do you think?

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