Shocking Revelations of Bitcoin Price Manipulation
In a surprising turn of events in the trial of Sam Bankman-Fried, founder of FTX, his ex-girlfriend and former head of Alameda Research, Caroline Ellison, has made shocking revelations regarding the manipulation of Bitcoin prices. Ellison’s testimony revealed a conspiracy to manipulate the price of Bitcoin by selling the cryptocurrency if it exceeded $20,000.
Damning Conversations and Documents
During the trial, Ellison presented conversations and documents that shed light on potential market manipulation. One conversation note revealed her instruction to “keep selling BTC if it’s over $20K,” indicating a deliberate effort to suppress Bitcoin prices. The prosecution questioned the motive behind these actions and their impact on the market.
AUSA: What are these?
Ellison: Notes from a conversation with Sam. I wrote, keep selling BTC if it’s over $20K.
AUSA: You wrote, that FTX may raise. What does that mean?
Ellison: Raise capital by selling equity, to get more money. To investors like MSB, the Saudi Prince— Inner City Press (@innercitypress) October 11, 2023
Concerning Financial Practices
In addition to price manipulation, Ellison’s testimony exposed concerning practices within the FTX ecosystem. She revealed that under Bankman-Fried’s direction, Alameda Research had borrowed $13 billion from FTX customers by September 2022. These borrowed funds were used to repay loans and serve as collateral for investments, raising questions about financial transparency and conflicts of interest.
Genesis’ Insolvency Crisis
The trial took a surprising turn when Ellison mentioned conversations regarding Genesis, a retail lending platform. She claimed that Genesis faced potential insolvency and requested $500 million from FTX. Despite concerns about the transaction’s honesty, Bankman-Fried instructed her to send the funds to Genesis.
Integrity of FTX and Bankman-Fried at Stake
All these revelations have cast doubt on the integrity of FTX and its founder, Sam Bankman-Fried, who was previously respected in the cryptocurrency industry. The alleged price manipulation and questionable financial practices raise concerns about market fairness and investor trust.
Hot Take: Uncertain Future for Bitcoin Price Manipulation Trial
As the trial continues, the cryptocurrency community and market observers eagerly await further revelations regarding Bitcoin price manipulation and the potential consequences for Bankman-Fried, Ellison, and FTX. The outcome of this trial will have significant implications for the reputation of the cryptocurrency industry as a whole.
The Bitcoin price has fallen below $27,000, continuing its downward trend after failing to break through the resistance level at $28,700 on October 2nd. In the past 24 hours, the cryptocurrency has dropped by 2.7%.
Featured image from Shutterstock, chart from TradingView.com
By
By
By
By
By