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FTX Exchange, Bitcoin and the Risks of the New Economic Model

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One of the biggest crises in the crypto market involves Sam Bankman-Fried, one of the well-known exchange CEOs at the time, who shared space with none other than Changpen Zhao (CZ). This position was an extraordinary race, which began in 2019. Many of the reasons for this sudden fame, were well-known investors like Gisele Bündchen and Tom Brady, who entered as partners in 2021. This, with their eccentric personality, allowed this “shortcut” to the young boy, up to the hall of fame.

As the young man is part of the movement called “effective altruism”, where the flag is to do good for others in the most efficient way possible, he took it as an effective way of altruism to donate part of his fortune to charity and to Party politicians. United States Democrat. The reader must be imagining a generous and altruistic person, but some things came to expose Sam’s real profile, especially when a report showed the real balance sheet of Alameda Research, FTX’s sister company.

Sam was at the head of Alameda Research and FTX simultaneously, but in October 2021, the entrepreneur passed the baton to Caroline Ellison and Sam Trabucco. It turns out that the results of a conflict of interest were already feared, given that Alameda Research had its balance sheet composed of tokens, including FTT itself, native to FTX.

The whole issue is worrying as Alameda is ultimately an investment fund that was involved in many large projects of great utility to the crypto market. Its investments covered almost the entire globe, including here in Brazil, taking Transfero as an example.

It is very common to talk about Binance in this whole situation, not only because it is a direct competitor, but because it, despite that, invested in FTX in 2019. That is why Sam’s attitudes, which were directed towards a political demand for regulation that could harm Binance, it ends up leading CZ to take the attitude that goes against the grain of cooperation.

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Warning: The text presented in this column does not necessarily reflect the opinion of CriptoFácil.

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