The Real House-Arrestees of Centralized Crypto
TL;DR
The Commodities Futures and Trading Commission (CFTC) is alleging that Binance was trading on its own platform using 300 “house accounts,” without telling anyone.
Sam Bankman-Fried allegedly bribed one or more Chinese government officials $40M, to unfreeze about $1B worth of Alameda Research's crypto, tied up on Chinese exchanges.
Full Story
Ok, hear us out...
We create a crypto gossip publication...
And call it: 'The Real House-Arrestees of Centralized Crypto'.
What would it cover? Stories like....
'Sam Bankman-Fried Charged With Bribing Chinese Government Officials.'
'Binance CEO CZ rejects allegations of market manipulation, from the CFTC.'
(Yuh. Both of those things just happened)
Why are they gossip? Well - because there's not too much insight to be gained here...not yet, at least.
But it's still stuff that piques our interest.
(What's SBF gone and done now?? Wait, what'd CZ do to piss off the CFTC?).
So here's the news behind the headlines:
The Commodities Futures and Trading Commission (CFTC) is alleging that Binance was trading on its own platform using 300 “house accounts,” without telling anyone.
Think of it like this:
It's as if the CFTC are alleging that Binance was playing the role of both 'fighter' and 'referee' in a boxing match (it's a big ol' conflict of interest).
This is all alleged right now, so CZ is no way under house arrest.
But you know who is? Samuel Benjamin Bankman-Fried.
Unsealed documents have just revealed that he is being hit with even more charges.
This time, it was for allegedly bribing one or more Chinese government officials $40M, to unfreeze about $1B worth of Alameda Research's crypto, tied up on Chinese exchanges.
These are much like his other list of charges - they've been laid out on paper, but not yet proven in court.
...see what we mean? Hot gossip, for sure!
But there's not much teeth to either story just yet.