 | Yesterday, FTX announced a deal with Justin Sun platform/DAO to allow users to withdraw but only through one of the many Sun-owned coins like BTT, SUN, JST which now also includes the Huobi token HT, as Sun now owns some stake in the company that may be as much as 100% of the company as the Huobi founder was set to sell all of his stake. SBF was also rumoured to be involved in the Huobi deal, which is lent further credence by how quickly this SBF-Sun deal for FTX was put together. The credit facility began yesterday with $13 Million dollars to be shared in asset value across all these tokens as liquidity that can be bought by users who may then withdraw. Further injections of cash are to every week. Now we know that FTX owes around $8 Billion dollars. Obviously, there will be limited supply of tokens with the demand WAY above supply. Look as what has been happening with these tokens over the past week and then yesterday since the credit announcement. And think about this. Justin Sun can pump his tokens into FTX, sell it to desperate users, gain HUGE markups on the price and of course his buddy SBF would allow HIM to withdraw his profits. And they do it all again next week as the agreement said. This is all very calculated, make no mistake. Justin knows there is huge demand and is purposefully limiting supply thus blowing the price skyward. This is even clearer as the agreement disables any user deposits of any of Sun's tokens, so that Sun is the only one allowed to pump these tokens into FTX per the agreement and be the sole benefactor of making this absolute killing on profits at bagholders expense. These tokens have been selling for as much as 4600% markups over the market price. And this is not just isolated cases, as many millions of tokens have been sold to unfortunate users at these prices. Prices more recently have settle down to about 575% above market but this is obviously still insane. Also, Sun can make his tokens seem like all the rage all this huge artificial volume in his tokens. Parasites just feeding on near-corpses. [link] [comments] |
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