Ellison’s To-Do List Unearths FTX’s Push Against Binance
Recent revelations from the high-profile trial of FTX’s Sam Bankman-Fried have shaken the crypto industry. During the proceedings, evidence indicated that FTX had actively sought regulators to intensify scrutiny on its key competitor, Binance. This maneuver stands out particularly because of the intertwined history and competition between the two giants.
FTX Trial Exposes Binance Regulatory Plot
The jurors saw a particularly telling piece of evidence: a to-do list that Alameda Research’s CEO, Caroline Ellison, authored. She was also romantically involved with Bankman-Fried. The list notably highlighted an ambition to bring Binance under increased regulatory scrutiny. Consequently, the narrative around this trial suggests that FTX intentionally tried to direct regulators toward Binance during its tumultuous period.
It’s well-documented that Binance nearly sealed a deal to acquire FTX. However, this potential acquisition catalyzed a series of events leading to FTX’s downfall. Binance’s decision to sell a significant amount of FTX’s native token, FTT, precipitated a market confidence crisis. Moreover, they later withdrew from the acquisition of the now-bankrupt FTX. This sequence of events paints a complex picture of the relationship between the two exchanges, adding layers to the ongoing trial’s context.
FTX Scandal Widens with Ellison’s Revelations
Besides the revelation about targeting Binance, Ellison’s courtroom appearance unearthed more controversies. She confirmed producing seven varying balance sheets. She shared that Bankman-Fried directed her to draft “alternative” balance sheets to mislead lenders about the utilization of funds from FTX Derivatives Exchange.
The trial and its implications go beyond just FTX and Binance. Indeed, these unfolding events have put the entire digital asset industry on notice. Regulatory bodies, already keen observers of Binance, have ramped up their surveillance. Recent reports indicate that Binance’s pledged $1 billion for crypto recovery might not be fully utilized. Additionally, issues related to compliance are emerging from different corners of the world.
Read Also: The Bahamas Maintains Optimistic Outlook on Crypto Amid FTX Debacle
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
