SBF Came Behind the 87 Percent Bitcoin Decline in 2021! Here are the Allegations!

Leading cryptocurrency BitcoinWhile experiencing a correction after the FED decision BTC A new claim has been made regarding.

Going bankrupt along with FTX in November 2022 Alameda ResearchA former employee of ‘s post on Twitter He claimed that Bitcoin’s 87% drop in Binance US on October 21, 2021 was due to Alameda Research.

on Twitter Aditya Baradwaj In his post, the former employee of Alameda, who used his name, claimed that a trader at the company entered an incorrect decimal number and this caused Bitcoin to fall by 87% on Binance.US in 2021.

At this point, Baradwaj said that most Alameda transactions are carried out using algorithms, but manual orders can also be entered when the market is volatile.

At this point, the Alameda trader entered a manual order and made a mistake while doing so, and this mistake was reported on Binance US. BTCIt was stated that it caused 87% decrease in .

“This incident happened just a few weeks after I joined Alameda.

I had just gotten used to our engineering workflows and was starting to look into our trading systems.

There were two styles of trading in Alameda: The most important of these operated semi-automatically. In this system, traders would not trade, algorithms would handle the buying and selling. But occasionally a trader would need to submit a transaction manually.

Manual entry would usually happen if our automated trading systems were problematic due to volatility in the market or when there was too much volatility.

Here was a former Alameda trader who was a manual trader trying to sell a block of BTC and sent the order through our manual trading system. Here, the decimal place was wrong and there was a huge BTC drop and the company suffered serious losses. The loss was in the tens of millions of dollars.

However, this person honestly admitted his mistake. Therefore, there wasn’t much that could be done other than a few mental health checks on the employee.

For almost two years, the BTC flash crash incident remained a mystery in the public’s mind. But now you know who is responsible and what is happening behind the scenes.”

Here’s Part 2!https://t.co/DusugiYLlN

— Adi (e/acc) (@aditya_baradwaj) September 20, 2023

What Happened?

As you may remember, on October 21, 2021, Bitcoin suddenly dropped to $ 8,200 on Binance US in about 1 minute.

Speaking to Bloomberg, a Binance US spokesperson said that one of the institutional investors experienced a systemic error in the trading algorithm, which caused the sale.

Although the stock exchange spokesman stated that the problem was resolved, he did not disclose who the institutional investor was.

*This is not investment advice.