Only a week ago, a smug Sam Bankman-Fried (‘SBF’) attached a clip of Ben (‘Bitboy Crypto’) Armstrong on his tweet. Bitboy was roaring with injustice at the SBF swindle with a passion that SBF openly mocked. How things have flipped!
The resurgence of Bitboy, matured by a recent battering prepared to martyr himself, contrasts the inflated arrogance of SBF, soaring like icarus towards the sun, is a drama worth of a Greek tragedy.
The tsunami of PR and marketing dollars spruiking SBF propaganda has been relentless for the last six months. With Youtubers, influencers and quasi-journalists bankrolled, the narrative of the so-called philanthropist and saviour of the crypto markets, SBF seemed unimpeachable. Regulators and politicians were receiving SBF envoy lobbyists, ignoring the fact that the Bahamas resident, SBF pays no taxes and makes no contributions to the US economy he purports to advise.
So arrogant was SBF that he was not content with his ‘vertical monopoly’ where he was the exchange, the market maker manipulating prices, and the sponsor of his own projects (such as the shit coin SOL ). He can see the order book for trades. He can see the liquidation vulnerabilities of the market players. He knows what price movement will trigger liquidation and price spikes. He has Alameda, which has duped a large number of project to ‘lend’ them their Coin on the misrepresentation that they were going a ‘market making’ service, when in fact, Alameda had no risk in artificially driving prices that would skim the market participants of their money. Competitors to Solana, invariably got decimated.
But this was not enough power for SBF. He wanted to Binance’s throne as well. SBF set up a ‘black ops’ media propagandists, PR Firm M Group Communications to create negative media to damage Binance. Journalists and influencers are apparently said to be supplied with a ‘black book’ of dirt about Binance. There are contacts, references and suggested pre-scripted articles for shills to reproduce as news.
SBF seemed unstoppable. SOL competitors were hitting the dust like flies and SBF was getting away with it.
One example, that is about to hit the public arena is SBF’s fraud on NuGENESIS that will give the world a real time insight into SBF’s evil empire. In listing NuCoin on SBF’s Liquid exchange, NuGenesis was misrepresented by Liquid that they needed a market maker to avoid the market being ‘spooked’ by price volatility and recommended Alameda. Alameda in turn explained that unlike other ‘market makers’ who take a fee for service, Alameda’s model was to borrow 200m NuCoin for 2 years, which it represented ‘aligned interests’ between the project, NuGenesis, and Alameda. It was to the opposite. In conflict of interest, SBF’s exchange and Alameda colluded to dump the $0.38 NuC down to $0.02 with the only buyers, associates of Alameda. Alameda was terminated. It refuses to return the NuCoin borrowed. It cannot apparently – it claims to have destroyed or lost it. Alameda instead sought to pay NuGenesis back with counterfeit NuC which was created on the Liquid exchange. To date, the 200m NuC has not been returned. A court will be asked to order Alameda buy the NuC on market.
The class action of investors joining NuGenesis in parallel litigation internationally exposes the key to the SBF scam: borrowing Coin that it has the option to buy or return and therefore have NO RISK in the price manipulation. If it decimates the Coin price, it can seek to repay with worthless Coin 2 years later.
This is how SBF got rich! He ‘borrowed’ truck loads of Tether to drive the 2017 bullrun. He manufactures crypto assets through his integrated cartel to use as collateral to falsify a balance sheet to borrow more. There is no accountability for how much counterfeit digital assets sit on his exchanges. There was enough ‘funny money’ manufactured out of thin air to buy propaganda that would white-wash his role in starting the UST collapsed that heralded this current bear market.
Against this behemoth, Bitboy stepped into the arena. Bitboy had taken a PR beating over some of the tokens he had promoted had plummeted with his followers losing their investment. An apologetic, battle-scared and matured Bitboy apologized yesterday, renouncing the practice of token promotion by influencers.
Bitboy may however, be too critical of himself. The disintermediation that blockchain technology has given has allowed ordinary investors in DeFi to share in the profits that were once, the exclusive domain of the investment bankers and hedge funds. Likewise, seasoned veterans such as Bitboy, have found themselves taking on the sponsoring role that investment banking houses respectably undertake. How was Bitboy to know about the scale or artificial market manipulation that the SBF crime cartel was engaged in? The extent of fake volume of the crypto markets is only now coming to light.
Having taken on the leadership of the XRP army in its resistance to the SEC litigation insanity, Bitboy dared to make the call: the emperor has no clothes! Now that SBF is seen naked, we cannot unsee it! When the market knows that SBF is artificially inflating his own projects and assets, how can it unlearn it? Bitboy has lit the fuse to the greatest moment in crypto and economic history.