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One of the most depressing revelations coming out of the FTX trial was that Sam Bankman-Fried directed Caroline Ellison to sell customer bitcoin to keep the price under $20,000.Crypto exchanges have been honeypots for thieves and scammers for more than a decade with light or non-existent regulation, with executives and owners having access to highly liquid pools of assets.
If the derivatives market is leveraged to the long side, you can liquidate the longs which will ensure the price of bitcoin stays low long enough to cover your short. But as long as you are making money and honouring redemptions, the chances of you getting caught are very, very low. However, there is another way to fill your bags if you are an exchange. And that's to mint your own token.At its peak, the token was worth $80 USD, for a market cap of more than $26 billion USD! Even today, the token has a market cap of $325 million with a trading volume of more than $5 million a day.The great advantage of this game is that it's hard for traders to play against you.
The second was that other players started to see through the con game, which was becoming so outrageous that they went public rather than “keep in the family.”That caused depositors to ask for their money back, which caused a liquidity crisis, which brought down the whole house of cards.For the rest of 2022, we had “cascading liquidations” with multiple crypto entities having to pause withdrawals.
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