The New York Times published an article accusing the co-founder and former CEO of FTX of artificially inflating the prices of some cryptocurrencies. Among the main cryptocurrencies promoted by SBF was Solana, which Alameda itself also used as collateral to obtain loans.
Other promoted cryptocurrencies were Bonfida and Oxygen. According to New York Times, Sam Bankman-Fried convinced the developers of some new cryptocurrencies such as Serum and Maps to port them to FTX, after which Alameda Research bought a certain amount of tokens on the exchange to drive up the price.
SThe NYT said that Sam Bankman-Fried would use FTX's influence in the crypto space to increase interest in those cryptocurrencies, convincing other investors to buy even significant amounts. In this way the market value was further inflated, and Alameda's balance sheet seemed healthier than it was.
The one whose NYT also reports the dynamics with which prices have been inflated is Serum. Bankman-Fried has returned to updating his Twitter profile but only to share his latest story with his many followers on Substack, the newsletter he has just subscribed to.
On Substack, SBF writes a very long overview entitled FTX Pre-Mortem Overview. Sam Bankman-Fried is convinced that he is not the main cause of the collapse. Of the responsibilities he has already admitted to having them but he doesn't think they are all of him.
And he says he is ready to deprive himself of almost all of his personal assets, which at the time of maximum splendor were estimated at around 26 billion dollars, to compensate those who were involved in the FTX crash. SBF wrote: "Thus the collapse of Alameda has infected FTX and others.
Nonetheless FTX US remains absolutely creditworthy and should be able to return all money to clients. FTX International has multi-billion dollar assets and I am putting nearly all of my personal assets for clients."