What’s Up With the FTX Conspiracies?

For anyone following this situation, we can agree that things keep getting more interesting. It started out looking like it was part of “crypto winter” with another exchange biting the dust. Now it seems like much more than that. So, what’s up with the FTX conspiracies?

What’s Up With the FTX Conspiracies?

This all started Nov. 2 when balance sheet details of Sam Bankman-Fried’s trading firm showed it was heavily invested in FTX exchange’s FTT coin. A few days later, Binance CEO CZ Zhao stated that he’s selling the remainder of his FTT coins for $22 each. The price of FTT token dropped below $22, around the same time Binance wrote a letter of intent to buy FTX.

One day after that drama unfolded, it was reported by CoinDesk, that Binance had no interest in buying FTX after learning of the company’s financial concerns. 

That led to people digging deeper into the situation when things took a turn for the.. Shall we say something more interesting? 

The US has been funding with war in Ukraine with massive payments totaling more than 19 Billion since the start of the war. What does that have to do with a crypto exchange that went broke led by some nerd? FTX gave democrats more than $70 million in donations for the previous mid-term election cycle.

Confused?

Take a look at this graphic from Terrence Williams.

 

It’s certainly an interesting allegation and one that’s worth tracking. How do I feel about the matter? I don’t want to be quick to point fingers. But if the past two years have taught us anything, it’s that things can get a whole lot worse than we thought. And that nothing should surprise us.

What do you think is going on? What’s up with the FTX conspiracies?

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