Sam Bankman-Fried, the former CEO of FTX who caused its collapse, turned the process to his advantage by blocking sales in the face of the increasing price of SRMs owned by his employees.
Award-winning author Michael Lewis, known for his many books, wrote in 2023: “Going Infinite” He included many topics within the scope of cryptocurrencies and blockchain technology in his book. Another noteworthy subject in the book is What he said about FTX happened.
In his book, Lewis describes the documents found in the possession of employees of FTX’s former CEO, Bankman-Fried. SRMs experiencing high price increases He talked about the steps he took afterwards. The former CEO’s employees held large amounts of SRM. SRM is the launch price for employees. from $1.7 had been sold. Within the scope of this sale, it is in the hands of the CEO “SRM-employee agreement” was located. This agreement is in the hands of the employees Rules about what they can do with SRMs It covered.
The 8x increase in price worried Sam
SRM price rose rapidly with the effect of Binance listing. $13.2 reached its levels. This rise during the bull season in 2021-2022 was attributed to the success of the Serum platform on Solana and its relationship with FTX and Alameda Research.
However, when Sam Bankman-Fried realized that his employees would become millionaires on paper during this rise, he took immediate action and changed the rules of the game based on the agreement he had. After employees earn such high income because they will leave their current jobs sales permits due to concern for It spread over a period of 7 years. With this move, employees with SRM will become rich. He gave up hope on his dreams.
Due to such close relations with each other after the bankruptcy of FTX SRM price was also seriously affected. With this development, Bankman-Fried took away the wealth opportunities of the employees. He completely lost his hopes.
SRM price at the time of writing according to Coinmarketcap data from $0.04 is being traded.
SBF Made FTX Employees Wealthy So That They Would Not Quit Their Jobs: The 8x Maker Didn’t Sell the Altcoin. The article was prepared by Fatih TAŞDEMİR and published on koinbulteni.com.