Coin Metrics: This is One of the Possible Causes of FTX’s Crisis
Lucas Nuzzi, head of R&D at Coin Metrics, believes that in the second quarter of the year, cryptocurrency exchange FTX could provide a “major financial bailout” to Alameda Research, with serious consequences.
He has said:
“40 days ago, 173 million FTTs worth over $4 billion became active. There was a rabbit hole.”
According to the expert, on September 28, the largest daily movement of the FTX utility token in its entire history was recorded – in the amount of over $8.6 billion. After analysis, Nuzzi found out that Alameda Research, associated with the exchange, was the recipient of the $4.19 billion FTT.
He has noted:
“Alameda sent ‘entire’ balance to the address of the developer (creator) of the FTT standard ERC-20, which is controlled by someone in FTX. In other words, Alameda automatically allocated $4.19 billion in FTT, only to send it back to FTX immediately.”
