Bitcoin drifted lower on Tuesday, albeit not by much, as investors continued their year-end hibernation; First Mover Asia revisits davidzmorris' column on the seriousness of allegations against former FTX CEO Sam Bankman-Fried. JPRubin23 reports
in the 2020 elections – sidestepping the likelihood that the money was effectively embezzled.
Perhaps most perniciously, many outlets have described what happened to FTX as a “bank run” or a “run on deposits,” while Bankman-Fried has repeatedly insisted the company was simply overleveraged and disorganized. Both of these attempts to frame the fallout obfuscate the core issue:Banks can be hit by “bank runs” because they are explicitly in the business of lending customer funds out to generate returns.
But FTX and other crypto exchanges are not banks. They do not do bank-style lending, so even a very acute surge of withdrawals should not create a liquidity strain. FTX had specificallyit would never lend out or otherwise use the crypto they entrusted to the exchange. CoinDesk's Chief Insights Columnist David Z. Morris unpacks his latest opinion piece that argues Sam Bankman-Fried, former CEO of troubled crypto exchange FTX, is a fraud.In reality, the funds were sent to the intimately linked trading firm Alameda Research, where they were, it seems, simply gambled away. This is, in the simplest terms, theft at a nearly unprecedented scale.
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