The former CEO of the bankrupt crypto exchange FTX – Sam Bankman-Fried (SBF) – might also be involved in Terra’s crash. Federal prosecutors have launched an investigation to determine whether he manipulated trades that led to the collapse of UST and LUNA earlier this year.
Orchestrating Terra’s Catastrophe, too?
According to a recent New York Times coverage, US authorities have doubts that Bankman-Fried could have played a role in the collapse of Terra’s algorithmic stablecoin UST and its native token LUNA.
People familiar with the matter revealed that he might have machinated the market to benefit the organizations he controlled – FTX and Alameda Research. His endeavors might have triggered the downfall of Terra and the consecutive domino effect in the entire industry.
The investigation is still in its early days, and prosecutors have yet to determine whether or not the 30-year-old American is guilty.
Do Kwon – Co-Founder of Terraform Labs – shared the report on
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