Fastest News Updates around the World

Sam Bankman-Fried reportedly obtained two million radium


- Advertisement -

According to reports, former CEO and founder of cryptocurrency exchange FTX, Sam Bankman-Fried, has acquired 2 million worth of raydium. However, the white paper stated that investor tokens must be locked in for 1-3 years.

SBF is related to Raydium’s liquidity problems

a tweet Coinbase Director Connor stated that Sam Bankman-Fried’s wallet had accumulated 2 million radium prior to announcing the listing and perpetual futures contract on the doomed exchange, FTX.

He added that there was an interesting project going on with the deal, as the white paper noted that the team’s tokens had been locked in for over a year. On top of that, SBF went ahead and sold 80K and sent $1M of RAY to FTX the same day.

The SBF portfolio received $2M (15%+ of circular supply) from Raydium shortly before the +perps listing was announced for FTX. The white paper stated that the investor/team tokens were supposed to be locked in for over a year. SBF moved to LP, sold 80k, and sent a million dollar ray to FTX that day.”

Connor, Director of Coinbase.

according to GuideRay had a distribution of 555,000,000 million supply, 34% mining reserve, 30% partnership and ecosystem. 20% insured for 1-3 years, advisors (closed for 1-3 years), community pool: 6% (closed for 1 year), liquidity 1%.

The SBF has also allegedly been accused of siphoning off remaining rhidium from liquidity pools at the absolute top, where it acquired a few million in ETH. He also worked hard with organizers To protect consumers where all occasions occurred.

In December, Raydium reported that it was a victim of a liquidity pool exploit. It appeared that $2 million in funding had been undermined by the attack. Solana-based protocol believes that someone may have taken over the exchange account.

When a raydium administrator account cleared a large amount of liquidity from the protocol, questionable activity began in the Solana network; There were approximately 1,000 transactions that did not redeem them for the required LP token.

FTX link with Solana in the serum of the project

Twitter user @Ruhi29 commented that maybe Alameda built Raydium since 80% of solana DeFi is built by Alameda or Macaliano.

Contact can be traced from FTX’s association with solana in Project Serum. Serum was founded by a group led by the Solana Foundation, Bankman-FTX, Fried’s and trading desk Alameda Research in August 2020. Serum served as the primary decentralized exchange and liquidity source for the development of the Solana DeFi ecosystem.

Its order book, which is built into almost all of the most important DeFi projects on the network, including Jupiter and Raydium, was essential to DeFi on Solana. However, FTX was where its private keys were kept, which is as bad as it sounds.

In connection with a perceived security breach on FTX on November 11, the same day the company declared bankruptcy, DeFi Initiatives raced solana to spin off Serum, fearing that a private cash update used for the software was also negatively affected. As a result, Solana DeFi has been effectively shut down.

- Advertisement -

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More