Since the collapse of the cryptocurrency exchange FTX, many shocking insider stories have gradually surfaced, and founder Sam Bankman-Fried (SBF)’s past words and deeds have also been exposed one by one. According to the "Wall Street Journal" report, SBF is suspected of devaluing FTX's huge debt by shorting the stablecoin USDT to decouple it in an attempt to destabilize the cryptocurrency market.
The report pointed out that on November 10, the eve of FTX’s bankruptcy, Binance CEO Changpeng Zhao (CZ) had a dispute with SBF over Alameda Research’s dumping of a large amount of USDT. Because once USDT is decoupled, it may have a chain reaction on cryptocurrency prices. Changpeng Zhao is worried that in order to save FTX, which was on the verge of bankruptcy at the time, SBF will not hesitate to bury the entire cryptocurrency market with it.
Changpeng Zhao warned SBF in a Signal group chat room called "Exchange Coordination":
Stop trying to decouple stablecoins. Don't do anything. Stop it now and don't cause more harm. The more damage you do now, the longer you will go to jail.
In response to Changpeng Zhao's accusation, SBF seemed a little overwhelmed. He said: "Huh? What did I do to the stable currency? You mean, you think a transaction of $250,000 will cause USDT to decouple?"
Changpeng Zhao continued to respond that although he did not believe that a transaction of this size would be enough to destroy USDT, it would still have an impact on the market. Zhao Changpeng continued:
My honest advice: don’t do anything. Put on your suit and go back to Washington to answer questions.
SBF subsequently stated: “A transaction of this size will not have any material impact on USDT. As far as I know, neither myself nor Alameda has ever attempted to deliberately decouple USDT or any other stablecoin.” “In the past year, I have committed I made a lot of mistakes, but this is not one of them.”
It is reported that members of the Signal group chat room also include Kraken co-founder Jesse Powell and Tether chief technology officer Paolo Ardoino.
The price of USDT did briefly decouple on the day the dispute broke out, falling more than 2 cents from $1 levels.
On-chain data shows that Alameda borrowed more than 1 million USDT from the cryptocurrency lending platform Aave in several transactions on November 10. One of the transactions of 250,000 USDT immediately attracted the attention of traders. Alameda appears to have swapped some USDT for USDC, raising concerns that Alameda is trying to depeg USDT.
This article reveals the disputed conversation with CZ! In order to save itself, SBF shorted USDT and dragged down the market? First appeared in Block Guest.
