Opinion: If you were into conspiracy theories, then the “rescue” of one of the world’s biggest cryptocurrency exchanges would have all the hallmarks of a brutally executed coup, writes Stephen Bartholomeusz
If you were into conspiracy theories, then the “rescue” of one of the world’s biggest cryptocurrency exchanges by a rival would have all the hallmarks of a successful and brutally executed coup.– with more than $US100 billion wiped off the total value of the already-embattled sector in a few days – after the near-collapse of one of its largest and most high-profile crypto exchanges, FTX, and its “rescue” by the dominant exchange, Binance, on Tuesday.
Bankman-Fried, or “SBF” as he was commonly referred to, was the most prominent of the crypto billionaires in Washington, a major donor to the Democrats and a very visible pro-regulation lobbyist in the fierce debate about whether or not to bring cryptos into regulatory nets. He argued that permitting all crypto transfers to occur opened the door to significant financial crimes. In effect, he was supporting more transparency and the mainstreaming of crypto activity, which is against the libertarian ethos that pervades crypto activity.
FTX founder Sam Bankman-Fried, or “SBF” as he was commonly referred to, was the most prominent of the crypto billionaires in Washington.It seemed to show that about $US6 billion of Alameda’s $US14.6 billion of assets were exposed to FTX, either through holdings of FTX’s FTT tokens or as “FTT collateral.” It also had more than $US1 billion of exposures to another cryptocurrency, Solana’s Sol. Bankman-Fried was an early investor in Solana, which was seen to be within his sphere of influence.
Then came the news of the deal between Bankman-Fried and Zhao which, if consummated, would give Zhao and Binance absolute dominance of the crypto exchange sector, with a market share estimated at more than 70 per cent.
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