Bitmex co-founder criticizes the former FTX CEO for not liquidating the hedge fund Alameda-
Bitmex co-founder criticizes the former FTX CEO for not liquidating the hedge fund Alameda-
The co-founder of Bitmex, Arthur Hayes, criticized Sam Bankman-Fried, the fell-fallen FTX co-founder, on Friday after Bankman-Fried published his first blog post in his new Substack newsletter. "All of this talk about what Alameda did is misleading," emphasized Hayes. "It doesn't matter how you have secured or not secured or what kind of dog was in your portfolio."
Bitmex co-founder accuses former FTX CEO to avoid transparency
Arthur Hayes , co-founder of the cryptocurrency derivative platform Bitmex, criticized Sam Bankman-Fried, former CEO from FTX, after a recently published blog post. In blog entry said Bankman-Fried, "Alameda had failed to secure his market risk sufficiently" and "an extreme, faster, targeted crash, which was brought about by the CEO of Binance, made Alameda unable to pay". Hayes, a The prominent member Cryptocurrency community, has extensive knowledge of the exchange of cryptocurrency derivatives, since Bitmex has been one of the largest since its foundation in 2014.
"The stock exchange should never lose money when a customer is liquidated," said Hayes tweeted on Friday. "There is no apology [for] [your] hedge funds Alameda switched off an account with liquidation. All of this talk about what Alameda did is misleading. It does not matter how they have secured or not secured or which Dogsh ** was in their portfolio," added the co -founder of Bitmex.
Hayes then said to Bankman-Fried, if he really wanted to explain what happened, should he tell the community why he thought it was a good idea to give his hedge fund an account with deactivated liquidation function. Caroline Ellison, former CEO of Alameda statements Explain that you "fully understand that managers have made special settings on the FTX.com account of Alameda that made Alameda possible to maintain negative balances in fiat currencies and cryptocurrencies".
Alameda's negative account: a mystery that is wrapped in a mystery
In addition, Bitcoin.com News a document, The supposedly owned Ellison and shows that the former Alameda CEO had a levered FTX trading account that was in the minus in May 2022 with negative $ 1.3 billion. Hayes emphasized that if Alameda were removed from the equation by legitimate liquidation, Bankman-Fried’s could still be in operation. "If you had liquidated Alameda like any other FTX-Punter, FTX would still be in operation. It's that simple", Hayes tweeted . The Bitmex-CEO added :
So stop talking about Alameda and tell us how you have tackled risk management at FTX level. Why were some customers treated differently than others? I would like to understand why they thought it was clever to cease the liquidation of a fictional position of billions of US dollars.
Many people answered the Twitter-Thread written by Hayes, and a person wrote : "Users paid for the negative alameda account capital. Shamed." Other repeated hayes' opinion, saying it is really so simple. "This is really the most fundamental question that SBF always deals with. At least he said that he is sorry", another person added .
What do you think about the criticism of Bitmex co-founder Arthur Hayes against the former FTX CEO Sam Bankman-Fried? Share your thoughts in the comment area below.
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