The new book "Going Infinite" written by Michael Lewis, the original author of "The Big Short" and describing the rise and fall of SBF, has been officially released a few days ago, and many black materials about this "former golden boy in the currency circle" have also been exposed one by one, including One article mentioned that when the Serum ($SRM) token surged a few years ago, SBF was worried that its employees would "become too rich", so it deliberately extended the token lock-up period and forcibly defunded all employees' SRM tokens. The currency is locked for 7 years.

During the bull market from 2020 to 2021, the decentralized exchange Serum, which has the aura of cooperation with SBF, is a rising star, and the platform currency SRM even created the myth of "increased 10 times overnight" after being listed on Binance that year. , hitting an all-time high of $13.72 in September 2021.

In other words, for those FTX employees who were allocated SRM tokens at the issue price of US$1.70 in August 2020, this was like a "windfall from the sky", but SBF, who was watching it at this time, felt that it was not the case. I was afraid that employees would no longer work for the company after getting rich, let alone working 14 hours a day, so I extended the token lock-up period of SRM, so that employees would have to wait for several more years before they could sell their tokens. .

Michael Lewis writes in his book:

In the Serum contract details of FTX employees, he (SBF) reserved the right for himself to extend the Serum lock-up period, and used this clause to lock all employees’ Serum tokens for 7 years. Of course, employees also knew that "one thing makes two people", so their enthusiasm for Serum quickly cooled.

As of the end of November last year, shortly after FTX went bankrupt, Binance immediately announced that it would delist most of SRM’s trading pairs. According to on-chain data, SRM is now down more than 99% from its all-time high and is still listed on six lesser-known exchanges, but trading volume is sparse.

This article is afraid that employees will not work hard to get rich! After $SRM soared that year, SBF actually extended the lock-up period at a low price. The post appeared first on Blockchain.