Arthur Hayes, co-founder of Bitmex, criticized Sam Bankman-Fried (SBF), former CEO of FTX, following SBF’s recent blog post.
of the cryptocurrency community, has significant knowledge about cryptocurrency derivatives exchanges, as Bitmex was one of the largest since its inception in 2014.on Friday. “There is no excuse [for] giving [your] hedge fund Alameda an account with liquidation turned off. All this talk about what Alameda did is misdirection. It doesn’t matter how they hedged or didn’t hedge, or what dogsh** was in their portfolio,” the Bitmex co-founder added.
Hayes then told Bankman-Fried if he truly wanted to explain what happened, he should tell the community why he thought it was a good idea to give his hedge fund an account with the liquidation feature turned off. Former Alameda CEO Caroline Ellison’s explain that she fully “understood that executives had implemented special settings on Alameda’s FTX.com account that allowed Alameda to maintain negative balances in fiat currencies and cryptocurrencies.”reviewed
a document that allegedly belonged to Ellison that shows the former Alameda CEO had a leveraged FTX trading account that was in the red by negative $1.3 billion in May 2022. Hayes emphasized that if Alameda was removed from the equation through a legitimate liquidation, Bankman-Fried’s now-defunct exchange could still be operational. “If you had liquidated Alameda like any other FTX punter, FTX would still be operational.
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