Popular Crypto Twitter Personality Says FTX Collapse Was Premeditated Crime

Adam Cochran said in his Twitter post on November 17, 2022 that his CEO of FTX, Sam Bankman-Fried, deliberately mismanaged customer funds, leading to the exchange's collapse. made it clear that he was concerned about Adam Cochran, his CEO of Alameda Research, explains that the bankruptcy of FTX led to one of the most unfortunate events in cryptocurrency history to date. According to Cochran, the anomaly began in September when other exchanges refused to “open interest” on Ethereum.

H. Volume of futures contracts purchased with leverage. However, he noted that FTX's open interest in ETH is at an all-time high.He further noted that FTX used its native token as collateral to obtain huge loans from centralized lenders. pointed out. “During the summer, FTX used $FTT and $SRM tokens to take massive loans from centralized lenders such as BlockFi and Celsius, sell the borrowed assets and put pressure on the market, and then they has acquired a struggling lender.” Cochrane. His FTX, his trading arm, said his FTT backed by his token through Alameda said he had amassed a whopping $8 billion in loans, considered the first major red flag. I came. Cheating Cochran has discovered that Binance CEO Changpeng Zhao has decided to sell his FTT holdings in Binance after seeing the cheating and dirty dealings of SBF and his cronies. "I suspected a small financial gap, but this one appeared to be a bigger one. Alameda CEO Caroline breaks silence on financials to acquire the rest of her FTT. When I offered to do so, it was suddenly confirmed." The venture capitalist closed the thread, arguing that the whole situation stemmed from greed and was nothing but theft and fraud and not "the act of a failed compassionate altruist." 

Meanwhile, the FTX crisis is sure to turn into a series of regulatory pushbacks from governments and institutions. Today, the Australian government has enacted stricter regulations for crypto entities such as exchanges. The sanctions follow a crisis caused by the SBF's dirty work.