Revealing FTX's Plan to Suppress Bitcoin Prices to Below $20,000 by Selling Client Assets: Former Alameda CEO Speaks Out

New revelations expose FTX's former CEO Sam Bankman-Fried’s involvement in manipulating Bitcoin prices and misuse of client assets.

Dive into the details that could redefine how you see the crypto industry.

Sam Bankman-Fried Accused of "Manipulating Bitcoin Prices"

The former CEO of the bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), has been exposed for instructing "manipulation of Bitcoin prices" to his ex-girlfriend and former Alameda Research CEO, Caroline Ellison.

Ellison released parts of her conversations with SBF to reveal that there had been plans to manipulate the market.

Specifically, SBF had instructed the sale of FTX's client assets to keep the Bitcoin price under $20,000, as reported.

Bitcoin prices did plummet below $20,000 in 2022, and the manipulation orchestrated by SBF was also reported to have taken place that year.

Claims of Illicit Collaboration and Misuse of Client Assets

This testimony suggests that "SBF and Ellison conspired and illicitly used client assets to manipulate Bitcoin prices."

However, Ellison has refuted the notion that she colluded with SBF, arguing that "SBF had the authority to fire me."

Additionally, Ellison revealed that "FTX had been actively lobbying regulatory bodies to crack down on the cryptocurrency exchange BINANCE" and that "Alameda Research had borrowed over $13 billion from FTX’s client assets by the summer of 2022."

Ellison has agreed to cooperate in investigations related to the FTX incident, and other executives are also assisting prosecutors. Therefore, it is expected that more details about the FTX scandal will be uncovered in the future.