TL; DR
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Caroline Ellison kept a Google Doc titled: “Things that worry Sam”
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The document included: ‘Pushing regulators to crack down on Binance.’ Apparently Sam wanted to use his good reputation in Washington to have Binance investigated and hopefully shut down.
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Binance’s $2.1 billion sale of FTX’s FTT token – which was done TERRIBLY publicly – essentially caused the collapse of FTX.
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Hell hath no fury like a crypto nerd scorned.
Full story
Okay, time for the SBF trial version update! Turns out Caroline Ellison kept a Google Doc titled:
“Things that worry Sam”
Included in that list?
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Raising money from the Saudis
Presumably to plug the cash leaks created by Alameda’s ‘borrowing’ of customers’ money. -
Getting more capital from BlockFi
That is, buy BlockFi and use its assets [aka customer’s money?] to fund FTX/Alameda. -
Urge regulators to crack down on Binance.
Apparently Sam wanted to use his good reputation in Washington to have Binance investigated and hopefully shut down.
In retrospect, that last one is a doozy to read!
ICYMI: Binance’s $2.1 billion sale of FTX’s FTT token – which was done TERRIBLY publicly – essentially caused the collapse of FTX.
If it had been done privately/quietly, the collapse of FTX might not have happened (at least, not at that time).
Binance’s choice to make the sale as public as possible now all makes sense.
Although we should have been able to guess when CZ (Binance’s CEO) was at the same time tweet things like:
“We will not support people who lobby against other players in the sector behind their backs.”
Hell hath no fury like a crypto nerd scorned.