Monat: November 2024

• In 2019, Binance acquired a 20% stake in collapsed FTX in a deal with Sam Bankman-Fried
• In 2021, Binance and FTX agreed to a deal that saw FTX buying back the stake, amounting to $1.76bn in FTT, BNB, and BUSD
• The transfer was done by Alameda Research, which was insolvent at the time and couldn’t afford the transaction

FTX has filed a lawsuit against Binance and its co-founder and former CEO Changpeng “CZ” Zhao to reclaim $1.76 billion over an alleged fraudulent transfer.

A filing from November 10 stated that Sam Bankman-Fried, FTX’s co-founder, fraudulently transferred “at least $1.76 billion” to Binance and Binance executives in July 2021.

In March, Bankman-Fried was sentenced to 25 years in prison for defrauding customers.

According to the filing, the transfer was part of a repurchase deal between Binance and FTX and shouldn’t have occurred. The filing claims that in November 2019, Binance acquired a 20% equity stake in FTX with over one million in Binance’s BNB token in a deal with Bankman-Fried.

Around February 2020, Binance acquired a further 18.4% in WRS, an umbrella company of Bankman-Fried based in the US. However, in July 2021, the two parties agreed on a deal that saw FTX buy back Binance and its executives’ entire stakes in FTX and WRS.

This amounted to around $1.76 billion in FTX’s FTT token, BNB, and BUSD (Binance’s stablecoin), which was funded by FTX’s sister company Alameda Research.

Couldn’t afford the transaction

Per the filing, the transfer was fraudulent because Alameda was insolvent at the time and couldn’t afford the transaction. According to testimony from Caroline Ellison, former CEO of Alameda Research, Alameda spent around “$1 billion of FTX Trading’s capital received from depositors to fund the repurchase.”

In September, Ellison was sentenced to 24 months in prison for her role in the collapse of FTX.

Following the repurchase, on November 6, 2022, Zhao is said to have “sent a series of false, misleading, and fraudulent tweets that were maliciously calculated to destroy his rival FTX, with reckless disregard to the harm that FTX’s customers and creditors would suffer.”

As a result, “Zhao’s false tweets triggered a predictable avalanche of withdrawals at FTX – the proverbial run on the bank that Zhao knew would cause FTX to collapse,” according to the filing.

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• Shiba Inu (SHIB) surges 67% in a week, nearing its all-time high (ATH).
• Whale trading, token burning, and growing interest drive SHIB’s bullish momentum.
• Vantard Meme Index Fund ($VTARD) offers exposure to top meme coins with minimal risk.

As the crypto market surges on Donald Trump’s reelection, Shiba Inu (SHIB) is quickly soaring towards its all-time high (ATH), fueled by significant whale activity and growing investor confidence.

At the same time, a new player in the meme coin space, the native token of a revolutionary Meme Index Fund (VMP), is generating buzz, with its promise of capturing the explosive returns of meme coins like SHIB.

As global liquidity increases and meme coins dominate the market, both SHIB and the new meme portfolio coin are gaining attention for their potential to deliver life-changing returns to investors.

Current Bull Run expected to push Shiba Inu price to its ATH

Shiba Inu has become a household name in the crypto world, and its recent bull run has sparked fresh market speculations about its future potential.

At press time, SHIB was trading at $0.00002926 following a 67% surge over the past week and an astounding 224% rally over the past year.

The latest Shiba Inu price movements have been influenced by several factors, including massive whale trading activity and increasing interest in meme coins. Notably, on-chain data from Etherscan  shows that a savvy whale recently made a $2.85 million profit by selling 100 billion SHIB coins, while still holding a massive 2.5 trillion SHIB worth $75.2 million, highlighting the growing market confidence in the coin’s future potential.

The renewed interest in SHIB has coincided with a broader bullish trend in the meme coin market, driven in part by the rise of other notable tokens and an overall increase in market liquidity.

With Bitcoin’s recent price surge and growing risk appetite in the market, many crypto enthusiasts are positioning themselves for another potential wave of explosive growth in meme coins, with SHIB at the forefront of this movement.

The burning of nearly half a billion SHIB coins has further amplified the bullish sentiment, as decreased supply often leads to price appreciation.

Investors are eyeing SHIB closely, believing that the coin could break through previous resistance levels and reach new ATHs in the near future. Given the coin’s 224.7% increase over the past year, many experts predict that as global liquidity continues to rise and market conditions favor speculative investments, meme coins like SHIB could experience another violent leg-up.

The new meme portfolio coin with 1,000X potential

As Shiba Inu continues to shine, a new player in the meme coin space, Vantard, is positioning itself as the ultimate way to capitalize on the meme coin supercycle.

Vantard is a Meme Index Fund (VMP), offering a portfolio that includes the top meme coins of the cycle, including SHIB. By bundling these high-potential assets into a single investment product, Vantard aims to deliver eye-watering returns with minimal effort from investors.

Vantard operates on the same principles as traditional index funds, but with a twist—this portfolio focuses exclusively on meme coins, a sector that has shown remarkable growth and outperformed other crypto sectors this year.

According to the project’s whitepaper, the fund’s core strategy involves periodic rebalancing, ensuring that investors are exposed to the top-performing meme coins at any given time.

The funds native token, $VTARD, reflects the Net Asset Value (NAV) of the assets in the portfolio, giving holders the opportunity to redeem their tokens for the underlying meme coins, thereby participating in the wild upside potential of these assets.

Vantard’s launch comes at a time when meme coins are gaining immense popularity, and investors are looking for ways to access these volatile assets without the complexities of individual coin selection. By investing in Vantard, investors can gain exposure to top meme coins like SHIB, Dogecoin, and others, all while benefiting from the overall market momentum.

If interested in investing in Vantard, it is currently conducting the presale of its $VTARD token. The presale is structured to have the token price rise through ten predetermined presale stages and hit a final price of $0.00019. At the moment, the token is going for $0.00013 and it is expected to rise to $0.00014 in the next presale stage.

If interested in the Vantard presale, you can visit the official Vantard website for more information.

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