I do actually agree with you here. He should have just quietly sold what he had. No need to announce it, and especially if he really thought it would cause panic like it did. In fact, he may have assumed this is what it would do, and against the best interest of Binance, he wanted to create a frenzy, knowing it would cost him money, but the satisfaction was just too great to pass up. Some things are all are worth more than money. And you're also right that this isn't a shit coin that just went to zero. Its an exchange that froze people's funds. 80k bitcoins were supposedly on their books and they had zero on behalf of the customers.
The lesson here is... Don't MESS with the bigger guy. SBF was enemy #1 with the biggest exchange out there. The one that really could BREAK him... and that's what happened. Of all the exchanges he could have chosen to have tangled with, he picked the worst possible opponent. Usually, before grade 1, most kids understand not to try to pick a fight with the bigger guy. And don't poke dangerous animals with a stick...
How about don’t commit fraud? That would be the obvious lesson. I guess integrity counts for nothing in this space as long as the money keeps flowing.
Fallen FTX Founder Bankman-Fried Posts Erratic, Disturbing Messages Sam Bankman-Friend and FTX are under investigation after the abrupt bankruptcy of the cryptocurrency exchange. https://www.thestreet.com/investing...nkman-fried-posts-erratic-disturbing-messages
From the way I see it, it's very likely that Binance even dumped its FTT holdings before it made the announcement in Twitter, front-running everybody. There is a post containing a day-by-day account of what happened during the last few days of FTX/Alameda, it seemed that FTT dropped from $16, a floor that Alameda tried to establish for FTT to just $2 in just ONE day. https://www.elitetrader.com/et/thre...meda-told-by-an-employee.371111/#post-5716834 There is no way something can drop this fast in one day if Binance only started selling after its Twitter announcement. It wouldn't even be able to get out of its position considering that there is no active market for FTT. It would've made major losses otherwise and would've lost everything just like everyone else did. But from the look of things, Binance didn't make a loss because it was still contemplating acquiring FTX. It was only after it discovered how much of a hole FTX was in that it abandoned its plan. So zhao is not only guilty of market manipulation, it's even guilty of front-running. It just baffles me that none of the regulatory bodies are not looking at Binance at all.
I don't think they can since there is no official business in the US. I honestly don't mind at all. People should just understand that you need to hold your crypto yourself. You go on an exchange to buy, and then transfer it. If you use a lending product, understand the risks. For the ethos of bitcoin, I think this is all good news. The amount of bitcoin leaving exchanges has been very high, as it should be. The fact that exchanges could sell bitcoin without owning it just means it suppressed the price. I'm eager to see who is swimming naked when the tide goes out.
Binance has no active business in the USA? I know that SBF lobbied to bar Binance from entering into the USA market but I thought Binance operated in the USA finally. It has no operation in the USA? It has a Binance.US operation in the US that is separate from Binance but is still controlled by the SOB zhao. It was originally based in China and moved out of China when China cracked down on cryptos and since then it's operated everywhere. And interestingly, it's been either investigated or banned to operate in every single country that it tries to open a business in. LOL https://en.wikipedia.org/wiki/Binance It looks like everybody really does hate Binance. LOL Now I can see why. The guy is fucking piece of shit, fucking tacky too. But its Binance.US was investigated several times by the SEC with the latest in June of just this year for its illegal ICO of BNB. So SEC and/or the CFTC can definitely investigate and bring charges to Binance and this zhao shit for what Binance did in bringing down FTX if they want to. It's in violation of at least 8 charges of securities law. The thing that baffles me again is why they do not want to this time.