Michael Lewis: SBF changes rules to extend employee SRM lock-in period after SRM value surges

Foresight_News · 2023-10-04T03:23:06.000Z

According to Foresight News, Michael Lewis's new book about SBF "Going Infinite" mentioned that many FTX employees are expected to become "paper millionaires" when SRM rises sharply in 2021 because they hold Serum's SRM tokens. But This dissatisfied FTX founder Sam Bankman-Fried because it meant that these employees may no longer be willing to work 14 hours a day for his cryptocurrency exchange. To this end, SBF changed the employee-related token sale rules to SRM tokens are locked for seven years. SRM hit an all-time high of $13.72 in September 2021, according to CoinDesk Indicies data, and as Lewis writes, the team allocated tokens in August 2020 at an offering price of $1.70. In the weeks following FTX’s bankruptcy declaration in November and the subsequent hack, Binance had delisted most of SRM’s trading pairs by the end of November due to the link between Serum’s SRM token and the compromised FTX.

According to Foresight News, Michael Lewis' new book "Going Infinite" about SBF mentioned that many FTX employees are expected to become "paper millionaires" when SRM rises sharply in 2021 because they hold Serum's SRM tokens. But this makes FTX founder Sam Bankman-Fried unhappy because it means that these employees may no longer be willing to work 14 hours a day for his cryptocurrency exchange. To this end, SBF changed the rules for employee-related token sales and locked employees' SRM tokens for seven years.
According to CoinDesk Indicies data, SRM hit an all-time high of $13.72 in September 2021, and as Lewis wrote, the team allocated tokens at an offering price of $1.70 in August 2020. In the weeks following FTX’s bankruptcy and subsequent hack last November, Binance had delisted most of SRM’s trading pairs by the end of November due to Serum’s SRM token’s connection to the compromised FTX.