### With two of the largest crypto whales battling it out, it’s hard not to get dizzy, freaked out or suffer some kind of news whiplash. One good thing to do at this time is to observe what the Whales are actually doing, and not just what they are saying. 

The past few days have left more questions than answers with regard to the health of SBF’s crypto empire. Rumors and accusations floated around on twitter. 

But, what had everyone suddenly convinced that there was something up with FTT valuations was on-chain confirmation that there was a whale selling (dumping!) FTT. It was because of what the whale was doing, not what was being said. 

CZ’s confirmation tweets poured gasoline on the fires that were forming from Coindesk’s questions on Alameda Research’s (FTX subsidiary) balance sheet; as, well as the twitterverse igniting on ‘flywheel’ accusations, implying that Alameda Research was bloating the FTT valuations. (A flywheel is a method of inflating the value of an asset.) 

SBF (founder of FTX) seemed to hit back at CZ on twitter claiming that a competitor is spreading rumors, only to later on (after only a few hours) ask Binance for help with ‘liquidity’ in exchange for FTX.com (non-US operations). 

Markets suddenly rallied as CZ confirmed on twitter that they signed a non binding LOI to buy FTX.com, pending due diligence. That’s not good enough for us though. An announced LOI is different from an actual acquisition. 

Until there is an actual acquisition, we think that SBF’s empire isn’t out of the woods and FTT is just too risky a token to hold. Also, why would SBF ask Binance for help, even when SBF claims that FTX is “fine”. 

We know it isn’t “fine”, because we look at what he does, not just at what he says. If things were fine, he wouldn’t need help from Binance. 

Finally, SBF said that FTX is fine and that assets are protected 1:1. We think he worded it carefully. It seems possible that FTX.US is fine (because of regulation) but FTX.COM (non-US) operations are in big trouble. 

This story is a developing issue.

With two of the largest crypto whales battling it out, it’s hard not to get dizzy, freaked out or suffer some kind of news whiplash. One good thing to do at this time is to observe what the Whales are actually doing, and not just what they are saying.

Wed Nov 09 2022

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