Sam Bankman-Fried, who stepped down as CEO of FTX on Friday after the business filed for Chapter 11 bankruptcy, lost his entire crypto empire in an epic collapse this week. Twitter’s new owner Elon Musk said that he never trusted SBF.
FTX meltdown/ransack being followed in real-time on Twitter stated that Elon Musk’s tweeted a few hours after the alleged breach started late Friday night. He also shared a pornographic meme of the former FTX CEO Sam Bankman-Fried in response to a post by cryptocurrency pioneer Sam Altman.
Bankman-Fried reportedly contacted Musk in March to indicate his interest in funding Musk’s acquisition of Twitter through their middlemen. When Musk’s text messages were revealed through legal action, the story broke in September.
Michael Grimes from Morgan Stanley, Musk’s banker on the Twitter purchase, informed Musk at the time that SBF was willing to offer “at least $3 billion” to assist Musk in purchasing Twitter and that SBF wanted to discuss the possibility for “social media blockchain integration.” Does Sam genuinely have $3Billion liquid, Musk asked Grimes?
On Friday night, a well-known account that posts internal communications from the IT sector tweeted out the exchange once more as Crypto Twitter proceeded to have a field day re-circulating recent history involving SBF. Tesla CEO responded that the Crypto mogul had tripped his ‘BS detector’, so e did not believe he had the $3 billion., that he had offered.
Bankman-Fried reportedly wanted to work on creating a blockchain-based Twitter. Despite being a supporter of cryptocurrencies, Musk rejected that idea, telling Grimes matter-of-factly that “Blockchain twitter isn’t possible.” Grimes informed Musk that Bankman-Fried was interested in investing even without the blockchain component. Musk declined.
Musk gained control of Twitter on October 27. After Changpeng “CZ” Zhao, CEO of competing exchange Binance, said his company will sell its interests in FTX’s token, the next two weeks saw FTX crash and burn. Due to the collapse in the price of FTX Token (FTT), customers withdrew $5 billion from FTX, which lacked the liquidity to cover them.
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