As per the recent reports by the news platform the Wall Street Journal, the trades made by the former CEO of FTX Sam BanKman through the sister hedge fund company Alameda research were made deliberately to destabilize the cryptocurrency exchange market. in this process, Sam Bankman was planning to destabilize the stablecoin tether and in the same move, Sam Bankman wanted to save his cryptocurrency exchange platform FTX.
What are the recent revelations about Sam Bankman?
The Wall Street Journal report has mentioned that all the trades made by hedge fund company Alameda research where were made deliberately made by focusing on depeging the stablecoin there into the Crypto market.
Before the failure of the Tether platform this year in May, the top executive of the Tether platform and Binance platform were worried about the operations carried out by Sam Bankman in the Crypto market.
Top executives of both these platforms Teather and Binance were concerned about the former CEO of FTX Sam Bankman who was attempting to destabilize the cryptocurrency market, along with that they were aiming to save the now bankrupt cryptocurrency exchange platform FTX through discussions in private communication through the instant messaging application signal.
The Wall Street Journal has issued these personal messages in the public domain. These discussions were carried out in a signal grouped name as exchange coordination and through this discussion, the wall street journal has shown that the CEO of Binance and the former CEO of FTX is having discussions about takers table coin USDT.
As per the reports published by the wall street journal the CEO of Binance CZ and others in the same group were worried about the trades carried out by the sister company of FTX, Alameda research. As the Alameda research was focusing on depeging the stablecoin in the Crypto market. This process would have a domino effect on all the Crypto prices in the Crypto industry. So, this issue was pointed out by the CEO of Binance CZ to Sam Bankman in that private discussion.
The top executives in this signal group include Kraken co-founder Jesse Powell, Paolo Ardoino, CTO of Tether, Along with the CEO of Binance and former CEO of FTX. All the allegations about these discussions were denied by Sam Bankman through the tweet in his recent statement to Wall Street Journal. All days discussions were carried out just a few days before the Fall of the cryptocurrency exchange platform FTX.
