When FTX blew up, the universal cynical chorus was unanimous: “He’s going to get off, because he made all those political donations.” People get a kick out of seeming worldly, sneering at those of us who thought that the evidence was overwhelming and justice would prevail.Well, prevail it has, and I suspect SBF (and his parents, for that matter) will all die in prison.On that jolly note, let’s take a look at a financial instrument which was at the center of all this insanity, and what caused the downfall of SBF and his corporations: specifically, the FTT Token.
Pretty impressive beast, isn’t it? Kind of like the stock market this week, I’d say. It was popular, powerful, and ever-ascending. No one could quite make out exactly what they were BUYING, precisely, although some assumed it was sorta-kinda like buying the FTX brokerage.Things were cruising along swimmingly at FTX and Alameda Research through late 2021 (just like ALL insane “investments” in those days) but then it went a bit squirrely, entering into a wide, sweeping range between the low $20s and the mid-$60s.
In early November, 2022, all holy hell broke loose. Indeed, it just occurred to me that Sam’s conviction coincided virtually to the DAY that the wheels were about fall off on his financial world just one year prior.
(As a SlopeCharts side note, the chart above is using “bar filtering” OFF, which is controlled in Preferences, while the chart below has the identical data with filtering on. See, the thing is, the insane price moves were actually legitimate, so the unfiltered chart above is the more accurate one).
To be honest, even though the parents were deeply involved in this whole scam, I cannot help but feel sorry for them. I think anyone who is a parent can’t examine what they’ve been through, witnessing their son’s demise, and not feel some sense of pity.More By This Author:Elf On The Shelf
One-Sixth Remains
It’s a Sine of the Times
