Market concurrences btwn FTX + Genesis (SBF + Barry)
1) FTX and Genesis lowered steth collat ratio from near 100% to 0% on the same day in May, while themselves shorting steth
2) FTX and Genesis bought unlocking Solana together in huge size pre-cliff, Genesis promising loans
1) FTX and Genesis lowered steth collat ratio from near 100% to 0% on the same day in May, while themselves shorting steth
2) FTX and Genesis bought unlocking Solana together in huge size pre-cliff, Genesis promising loans
3) FTX bribed Genesis desk traders with seed allocations on coins like Serum, in return for receiving a better LTV on Serum collateral
4) Genesis traders routinely shared client info with FTX traders, and vice versa. Many of these became rich (for now) and tried to start funds
4) Genesis traders routinely shared client info with FTX traders, and vice versa. Many of these became rich (for now) and tried to start funds
5) Genesis lent billions of client deposits of USD against FTT collateral, while knowing and acknowledging that they could never exit this collateral if needed (Chief Risk Officer resigning in disgust after only 3months)
business2community.com
business2community.com
6) FTX and Genesis abused their fiduciary privileges and hatched a multi pronged coordinated attack on Luna, including acting interested in and asking to be party to each private bailout attempt for Luna, only to immed afterward aggressively sabotage any possible recovery plan
7) FTX returned $2.5b of loans to Genesis in August, and Genesis likely knew or should have known these came from FTX depositor funds both via chain analysis and via asking for financial information, as even after this there were still outstanding loans
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