TL;DR
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Caroline Ellison kept a Google doc, titled: “Things Sam Is Freaking Out About”
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The doc included: ‘Getting regulators to crack down on Binance.’ Apparently Sam wanted to use his good standing in Washington to have Binance investigated, and hopefully shut down.
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Binance’s $2.1B fire sale of FTX’s FTT token – which was done VERY publicly – essentially triggered the collapse of FTX.
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Hell hath no fury like a crypto nerd scorned.
Full Story
Alright, SBF trial update time! Turns out Caroline Ellison kept a Google doc, titled:
“Things Sam Is Freaking Out About”
Included on that list?
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Raising money from the Saudis
Presumably to plug the money-leaking-holes created by Alameda’s ‘borrowing’ of customer funds. -
Getting more capital from BlockFi
I.e. buying BlockFi and using its assets [aka customer’s money?] to fund FTX/Alameda. -
Getting regulators to crack down on Binance.
Apparently Sam wanted to use his good standing in Washington to have Binance investigated, and hopefully shut down.
That last one is a doozy to read in hindsight!
ICYMI: Binance’s $2.1B fire sale of FTX’s FTT token – which was done VERY publicly – essentially triggered the collapse of FTX.
Had it have been done privately/quietly, the collapse of FTX may not have happened (at least, not at that time).
Binance’s choice to make the sale as public as possible all makes sense now.
Although, we should have been able to guess when CZ (Binance’s CEO) was simultaneously tweeting stuff like:
“We won’t support people who lobby against other industry players behind their backs.”
Hell hath no fury like a crypto nerd scorned.
