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Hot Crypto Stories on X - Runes Goes Live Following Bitcoin Halving

Hot Topics on Crypto Twitter – FTX ex-CEO Accused of Masterminding a Rug Pull

Posted on August 7, 2023

As the digital asset market continued to witness low volatility last week, the crypto community on Twitter, now known as X, was discussing a rug pull allegedly executed by FTX’s former CEO Sam Bankman-fried.

Alex (@thiccythot), a blockchain analyst at Scimitar Capital, shared an analysis of an on-chain activity, revealing how the developer behind the scam meme coin project, Bald, rug pulled investors. According to Alex’s analysis, the Bald developer added 6,800 ETH to their project’s liquidity pool and then used 1,350 ETH to buy the meme coin in order to pump its price to attract investors. Within two days, the developer withdrew 10,705 ETH, generating $2,575 ETH in profit.

Meanwhile, several crypto enthusiasts were convinced that Bankman-Fried was the man behind Bald. Among them is Twitter user @hype_eth, who said Bald developer had previously made several crypto deposits and withdrawals from FTX, and their tweet structure resembled Bankman-Fried’s.

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Moreover, popular cryptocurrency trader Bran tweeted that he discovered a wallet address that helped trigger the depeg of UST stablecoin in May 2022 has been depositing funds into the Bald developer’s Binance account. Bankman-Fried is one of the individuals accused of playing a role in the downfall of UST, which caused an industry contagion leading to the collapse of several crypto firms, including Vauld, Voyager, Three Arrows Capital, and Celsius.

Some Crypto Players Defend Bankman-Fried

While many accused Bankman-Fried of the rug pull, Blockchain analyst Igor Igamberdiev tweeted a long thread defending the fallen crypto billionaire. He said it was unlikely that Bankman-Fried was behind the scam project but added that it could have been executed by someone from his trading company Alameda Research.

Crypto journalist Tiffany Fong was also not convinced about Bankman-Fried being the Bald developer. She argued that the former CEO had not accessed a smartphone since April 2023, when the Court changed his bail conditions.

In another story involving Bankman-Fried, prominent crypto trader @DeFiSquared shared a chart showing the movements of funds stolen from Multichain protocol. Surprisingly some of the money was sent to an address that received $40 million from the FTX founder in November 2021 as a bribe to Chinese officials.

Other News: US Presidential Hopeful Expresses His Support for Crypto

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Although Sam Bankman-Fried took center stage, there were other topics that made headlines on Crypto Twitter. On Tuesday, United States Presidential candidate Robert Kennedy Jr showed his support for Bitcoin. He tweeted that the argument about Bitcoin mining polluting the environment should not be used as an accuse to curtail freedom to transact.

That Day, Twitter account @SummersThings revealed that the United States Securities and Exchange Commission had sued crypto influencer Richard Heart for securities fraud. The agency alleged that Heart raised over $1 billion by selling unlicensed securities through his crypto project Hex.

Meanwhile, Tether’s Chief Technology Officer, Paolo Ardoino, shared the company’s quarter two results. The report indicated that USDT reserves had increased by $816 million to $3.31 million. Tether’s positive results come at a time when its close rival, Circle’s USDC, is witnessing massive outflows. Its market cap is down by $1.2 billion over the last 30 days.

On Wednesday, Coin Centre’s Director of Research, Peter Van Valkenburgh, wrote a thread expressing his disapproval of the Internal Revenue Service’s move to classify block rewards as income immediately after they are created rather than when they are sold. He termed the decision as ‘bad law.”

Later that day, digital artist Beeple, known for closing the most expensive NFT sale of more than $69 million, announced his purchase of a CryptoPunk. The announcement comes a week after he asked his followers to teach him how to buy the NFT.

Several Companies File for Ethereum ETFs

Finally, crypto journalist James Seyffart revealed on Friday that more than 13 companies had filed for Ethereum Exchange-Traded Funds (ETFs). Some of those companies include Bitwise Invest, ProShares, Volatility Shares, and Roundhill. The Securities and Exchange Commission is expected to communicate its decision on these ETF applications in mid-October.


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