- SBF is being relentlessly mocked on Twitter following the FTX crash.
- Billy Markus felt compelled to hit out at the former FTX CEO’s recent attempts at a comeback.
- SBF should not be given a second chance due to his role in the FTX disaster, said Billy Markus.
SBF took to Twitter on Wednesday to declare his plans to “raise liquidity, make consumers whole, and restart” following the exchange’s ‘Chapter 11’ bankruptcy filing on Friday, November 11th. But Billy Markus, better known on Twitter as Shibetoshi Nakamoto, was having none of it, insisting that SBF should not be given a second chance due to his role in the FTX disaster.
SBF Recovery Plan
The former CEO of FTX maintains that his firms had monthly asset accumulations in excess of their liability accumulations, despite widespread reports that FTX hid a $10 billion black hole in its books. On the other hand, SBF made it clear that these were not marketable securities.
As reported by DailyCoin, SBF revealed in a series of tweets that FTX had $8 billion in liquid assets, $5.5 billion in semi-liquid assets, and $3.5 billion in illiquid assets. The crypto billionaire went on to say that Alameda has a margin position on FTX International and FTX US, and that it has the resources to reimburse all users.
But Dogecoin’s creator is adamantly against it, since he thinks “people who commit enormous massive fraud” shouldn’t be allowed “a second chance to commit enormous massive fraud again.”
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yeah so, i don’t know about you guys, but i don’t think we should give people who commit enormous massive fraud a second chance to commit enormous massive fraud again. the jig is up. everyone knows what you really are.you lose. good day sir. pic.twitter.com/5xvnpFte2s— Shibetoshi Nakamoto (@BillyM2k) November 16, 2022
On the Flipside
- The crypto community has begun cross-checking cold storage money and requesting clarifications for strange on-chain movements to avoid an FTX-like catastrophe.
- The community recently questioned Crypto.com’s intention to transfer 320,000 ETH from an internal cold wallet to Gate.io. But Crypto.com CEO Kris Marszalek said that the money was sent by mistake to an address on Gate.io that Crypto.com owned, which was on the whitelist.
Why You Should Care
From a bird’s-eye view, it’s clear that SBF is to blame for the company’s recent downfall. The cryptocurrency trading platform allegedly utilized customer cash to finance business operations, including mergers, acquisitions, loans, etc. Because of this, the top centralized crypto exchanges have declared that they will use a Merkle Tree Proof of Reserve system to make sure that user funds in reserves are completely transparent.
Read more on FTX and SBF’s fallen crypto empire:
FTX Hacker Hoarding Ethereum (ETH) for Possible Market Selloff
FTX Has Enough Funds to Compensate Customers – Sam Bankman-Fried Wants to Restart the Exchange