{"id":24089,"date":"2022-11-08T22:18:18","date_gmt":"2022-11-08T22:18:18","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=24089"},"modified":"2022-11-08T22:18:18","modified_gmt":"2022-11-08T22:18:18","slug":"crypto-collapse-j-pierpont-moneygone-ftx-rekt-bought-by-binance","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2022\/11\/08\/crypto-collapse-j-pierpont-moneygone-ftx-rekt-bought-by-binance\/","title":{"rendered":"Crypto collapse: J. Pierpont Moneygone \u2014 FTX rekt, bought by Binance"},"content":{"rendered":"<p>This latest instalment in our ongoing series on the meltdown caught everyone by surprise. Who picked FTX as the next domino to fall, eh?<\/p>\n<p>It&#8217;s Amy&#8217;s turn, so this is posted over at her blog. [<a href=\"https:\/\/amycastor.com\/2022\/11\/08\/crypto-collapse-j-pierpont-moneygone-ftx-rekt-bought-by-binance\/\"><em>Amy Castor<\/em><\/a>]<\/p>\n<p>Alameda Research is Sam Bankman-Fried&#8217;s crypto hedge fund. Ian Allison from CoinDesk revealed that $5 billion of Alameda&#8217;s assets are FTX&#8217;s own FTT exchange token. Horribly illiquid &#8230; and the total issuance of FTT is only $3 billion.<\/p>\n<p>There was much worry and FUD in the ensuing days. Eventually, CZ from Binance dumped all of Binance&#8217;s FTT, crashing the price.<\/p>\n<p>FTX switched off withdrawals this morning. By 4:00pm UTC, CZ said he was buying FTX and customers would get their funds. Or at least, CZ signed a non-binding letter of intent, subject to due diligence.<\/p>\n<p>That is: CZ caused a run on FTX, then bought the pieces.<\/p>\n<p>Also, Alameda has taken out loans against its FTT. Those loans are probably toast. We expect contagion to ensue.<\/p>\n<p>Crypto had its Bear Stearns. Are we up to Lehman Brothers yet?<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/11\/08\/crypto-collapse-j-pierpont-moneygone-ftx-rekt-bought-by-binance\/cz-sbf-ft-alphaville\/\" rel=\"attachment wp-att-24090\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-24090\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/cz-sbf-ft-alphaville.jpg\" alt=\"\" width=\"510\" height=\"315\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/cz-sbf-ft-alphaville.jpg 680w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/cz-sbf-ft-alphaville-300x185.jpg 300w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/cz-sbf-ft-alphaville-348x215.jpg 348w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>Crypto had its Bear Stearns. Are we up to Lehman Brothers yet?<\/p>\n","protected":false},"author":1,"featured_media":24090,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[2653,460,568,1275,1798,2491],"class_list":["post-24089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-alameda","tag-amy-castor","tag-binance","tag-cz","tag-ftx","tag-sam-bankman-fried"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/cz-sbf-ft-alphaville.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=24089"}],"version-history":[{"count":8,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24089\/revisions"}],"predecessor-version":[{"id":24098,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24089\/revisions\/24098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/24090"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=24089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=24089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=24089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}