{"id":55078,"date":"2022-11-08T18:15:21","date_gmt":"2022-11-08T17:15:21","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=55078"},"modified":"2023-08-30T07:45:42","modified_gmt":"2023-08-30T07:45:42","slug":"alameda-responds-to-bitdao-request-after-breach-of-contract-speculations-surface","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/alameda-responds-to-bitdao-request-after-breach-of-contract-speculations-surface\/","title":{"rendered":"Alameda Responds to BitDAO Request after Breach of Contract Speculations Surface"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The current <strong>market<\/strong> volatility has seeped into Billionaire Sam Bankman-Fried\u2019s cryptocurrency empire. <\/span><b>Speculations of a potential token dump began to emerge after FTX&#8217;s hot wallet showed fewer than 100 million BIT tokens<\/b><span style=\"font-weight: 400\">, according to BitDAO&#8217;s partner relations lead Igneus Terrenus. The subsequent steep fall of BitDAO&#8217;s native token by <\/span><b>21% in less than 24 hours was enough to trigger FUD.<\/b><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Bybit co-founder <\/span><b>Ben Zhou<\/b><span style=\"font-weight: 400\"> said that the BitDAO community would like to see proof of funds from the trading titan.<\/span><\/p>\n<h2 style=\"text-align: justify\"><b>Alameda-BitDAO Agreement<\/b><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-46515 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/Diseno-sin-titulo-2.jpg\" alt=\"bitdao\" width=\"699\" height=\"280\"><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">For the uninitiated, <\/span><b>BitDAO happens to be one of the largest decentralized autonomous organizations (DAO).<\/b><span style=\"font-weight: 400\"> The community behind the DAO is led by several funds as well as the crypto exchange Bybit.&nbsp;<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Alameda bought <\/span><b>100 million BIT tokens<\/b><span style=\"font-weight: 400\"> in November last year by swapping 3.36 million FTT tokens. As per the agreement, BitDAO is required to hold its corresponding FTT tokens in the DAO\u2019s treasury. <\/span><b>The deal also included a public commitment not to sell each other\u2019s tokens<\/b><span style=\"font-weight: 400\"> until November 2024. However, the latest price plunge in the two tokens raised concerns about Alameda dumping BIT tokens to defend FTX&#8217;s native cryptocurrency.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitdao community is questioning the sudden dump of <a href=\"https:\/\/twitter.com\/search?q=%24bit&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$bit<\/a> token caused by Alameda dumping and breaching the 3 yr mutual no sale public commitment. Nothing is confirmed but bitdao community would like to confirm a proof of fund from Alameda. <a href=\"https:\/\/t.co\/YassKhcdPt\" target=\"_blank\">https:\/\/t.co\/YassKhcdPt<\/a><\/p>\n<p>&mdash; Ben Zhou (@benbybit) <a href=\"https:\/\/twitter.com\/benbybit\/status\/1589849378394886145?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">According to Zhou, the <\/span><b><a class=\"keychainify-checked\" href=\"https:\/\/www.bitdao.io\/\" target=\"_blank\" rel=\"noopener\">BitDAO<\/a> community wanted Alameda to provide proof<\/b><span style=\"font-weight: 400\"> that the agreement was not breached and that the firm still holds the 100 million BIT tokens. His tweet regarding the same, read,<\/span><\/p>\n<p style=\"text-align: center\"><i><span style=\"font-weight: 400\">&#8220;BitDAO community is questioning the sudden dump of $bit token caused by Alameda dumping and breaching the 3 yr mutual no sale public commitment. Nothing is confirmed but BitDAO community would like to confirm proof of funds from Alameda.&#8221;<\/span><\/i><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The DAO&#8217;s forum discussion stated that the community would resort to a decision (vote, or any other emergency action) to deal with the FTT in their treasury <\/span><b>if Alameda fails to provide sufficient proof.&nbsp;<\/b><\/p>\n<h2 style=\"text-align: justify\"><b>Alameda Provides Proof<\/b><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">While responding to Zhou\u2019s initial tweet, Alameda CEO Caroline Elliso <\/span><span style=\"font-weight: 400\">confirmed <\/span><span style=\"font-weight: 400\">that the trading firm was not involved in the selling of BIT tokens. The Bybit exec thanked Elliso for the <\/span><b>\u201cswift action\u201d<\/b><span style=\"font-weight: 400\"> after the allocation of the funds.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">busy at the moment but that wasn&#39;t us, will get you proof of funds when things calm down<\/p>\n<p>&mdash; Caroline (@carolinecapital) <a href=\"https:\/\/twitter.com\/carolinecapital\/status\/1589853488703762434?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The latest spat between the two ecosystems comes in the wake of <\/span><b>Binance\u2019s announcement to dispose of its entire FTT holdings.<\/b><span style=\"font-weight: 400\"> This led to a rush in withdrawals of stablecoins and other crypto assets from the FTX exchange.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Meanwhile, the BIT token climbed back up to $0.39 after rising by nearly 3% while FTT token was still down by over 20%.&nbsp;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current market volatility has seeped into Billionaire Sam Bankman-Fried\u2019s cryptocurrency empire. Speculations of a potential token dump began to emerge after FTX&#8217;s hot wallet showed fewer than 100 million BIT tokens, according to BitDAO&#8217;s partner relations lead Igneus Terrenus. The subsequent steep fall of BitDAO&#8217;s native token by 21% in less than 24 hours &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Alameda Responds to BitDAO Request after Breach of Contract Speculations Surface\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/alameda-responds-to-bitdao-request-after-breach-of-contract-speculations-surface\/#more-55078\" aria-label=\"More on Alameda Responds to BitDAO Request after Breach of Contract Speculations Surface\">Read more<\/a><\/p>\n","protected":false},"author":21,"featured_media":55081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,111,74],"tags":[5362,5287],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/55078"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=55078"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/55078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/55081"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=55078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=55078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=55078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}