TL; DR
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Think of the famous SBF 9 part tweet thread who asked: 1) What 2-9) HAPPENED?
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As more and more evidence comes out, a clearer story is emerging, and the short answer is below.
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The moral of the story: See gif ☝️
Full story
Think of the famous SBF 9 part tweet thread who asked:
1) What
2-9) HAPPENED?
As more and more evidence comes out, a clearer story is emerging, and the short answer is:
SBF hung around and found out.
Here are the basic story beats we’ve gotten so far (some confirmed, some not):
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SBF is trying to turn US regulators against Binance.
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CZ retaliates by conducting a PR blitz and leaking Alameda’s balance sheet to CoinDesk.
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The leak shows how unstable Alameda is and that a large sale of FTT tokens could ruin them.
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CZ announces a major sale of FTT tokens.
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Alameda offers to buy them off him in a single over-the-counter sale (meaning the price wouldn’t drop).
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CZ refuses, essentially saying, “I know what you said about me to US regulators – why should I help you?”
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Alameda is going down.
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What few people knew was… Alameda had borrowed (stole) customer money from FTX.
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Which meant that when Alameda went down, it took FTX with it.
The moral of the story:
(See gif ☝️)