Reddit Posts
Binance to Remove Three Cryptocurrencies Due to Quality Concerns on August 22nd [1. Serum (SRM) 2. Sonm (SNM) 3. DFI.Money (YFII)]
wallet treasurehunt of an old wallet.dat file BTC BTC Cash
Do you guys really believe that things for FTX are looking up?
Bitfinex and the "LEO" Token - Is This FTT 2.0?
Most of this Binance FUD is baseless and silly. Everyone should always self custody bitcoin or any coins they're not trading with but don't be naive that there aren't people with ill intentions right now
Serum (SRM) Backs Community Hard Fork Plans After FTX Collapse
[SERIOUS] Latest detailed Bankless episode - Most of the 2021 Bull run was caused by a ponzi system created by the crypto hedge funds and yield farming protocols
Investigating FTX's Investment in "AnthropicAI" ($500M)
[SERIOUS] Unchained Podcast - A panel of crypto insiders/experts break how SBF Fraud's machine worked and why no one caught it months before
FTX Accounting Fraud - In Depth Look
Crypto Market Cap Dropped Below 1 Trillion, Lost $220 Billion In a Week Which Represents 21% of Market Cap
Solana Lost At Least $200M Plus Millions In Shares In FTX Collapse
Celsius Has $1M in SRM Tokens Stuck on FTX and $13M in Loans to Alameda
So what are the coins that are connected closely to Alameda and FTX?
Early relative weakness of SOL/RAY/SRM vs FTT... Will they dump to fund a larger FTT plunge protection war chest?
Mango markets on Solana was just drained for over $100M.
Serum: Return of the Order Book
I've added Kucoin support to my new listings crypto trading bot and the test results look promising, the code is open sourced
Got rid of SRM and DOT out of my portfolio today.
Mentions
I'm sure there are a lot non-US exchanges that do this secretly. But not on Coinbase or Kraken in the US right? I can't imagine it would be at the level of the Sam coins (e.g. SRM, OXY, MAPS, FIDA, etc.)
I'm glad it wasn't just me who got burned by buying $SRM
The US government holds $7 of SRM, it’s gonna moon boys
$7.42 worth of SRM, What's the point in even moving that?
Solareum (SRM)- a blockchain that rewards people for generating renewable energy which in turn powers its nodes. Patent pending stuff too. Not sure how it will fare but i invested because its just something different and i might interest people concerned about climate change. Its a tiny market cap too only like 12M
SBF issued unregistered securities (FTT, SRM), engaged in insider trading to inflate their value so as to increase his potential loan collateral. He then took our customer deposits without their knowledge or consent, which his hedge fund gambled and lost on various investments. Once FTXs "assets" were exposed to be merely magic money FTT that he himself created, it started a bank run. Since they gambled away customer funds, their assets werent backed and FTX couldn't pay them out. That man deserves jail. I forgot what exactly Do Kwon did, but LUNA had more to it than the algorithm induced death spiral.
SRM. Never bothered to sell it, down 99%
Check out Solareum SRM… amazing project, with a doxxed team, doing something no other project is doing, about to release their own Mainnet and then will approach big CEX to list their token, team is ahead of scheduling which is amazing. AND only $12m market cap. So much room to grow. Also their holders count have been growing consistently.
Low cap DePIN #Solareum $SRM hits major narratives for the future. #ReFi #DePin #Layer1 #RWA
If FTX had all their customers' assets in short term T Bills then it would not have been a story. Go look at their balance sheet. Once you get past the tens of billions of dollars they had marked in SRM, FTT, MAPS (their own shitcoins with virtually infinite supply, but <1% circulating volume), you'll see the real assets they had left. Most of the stuff with real value was private equity investment in early stage startups. Not exactly something you can sell on your brokerage account.
SRM solareum… still below $10M MC, doxxed team. Great project and becoming their own L1.
He's also a shipcoiner. Lost all interest in him when he pushed SRM
Don't forget SRM, the employees all the way up to Sam have tonnes of it from bonuses etc.
The company has secured $1.5 billion in cash in addition to the $1.1 billion it held on Nov. 11, and also holds $3.4 billion in crypto as valued at Aug. 31, the document said. That’s in addition to hundreds of millions of dollars worth of over 1,300 lesser known and potentially less liquid tokens such as MAPS and serum (SRM) ​ I don't think the crypto market will like this. I doubt they'll liquidate it all in one shot but they'll most likely set out a weekly/monthly timeline to liquidate the crypto assets.
Had my FTT and SRM on there, was only about 3% of my portfolio at the time. Got most my stuff on a cold wallet ofc. You seem kind of surprised so I guess you're underestimating the average users desire for convenience. The average Joe doesn't care about the technical stuff, they just want to make some money buying shitcoins without having to figure much out.
SRM is an AMM on Sol. The only reason I know this is because it was listed as a new coin on gate (when I used it) at the same time as another coin I was watching (no clue what it is now). It did much better than the coin I aped into and I was kicking myself. In the long run, looks like both were a bad choice. Lesson I learned: stick to boba code projects (BTC/ETH for me)
I hold SRM just to remind me not to listen to my mate, Ryan.
Of course not $100. I just picked up a random "yolo" price point but it's exaggerated. May be $10-20 but that's still insane. Separately, The fully diluted mc for Serum (SRM), a project strongly backed by Sam Bankman, was $120B at the peak of insanity.
SRM is dead I'm afraid. I have no hope of it ever being worth more than £3.
A quick question. What do you all do with your bags of Alts that are totally worthless and have no prospect of returning? I have around 50SRM that cost me about £150 and are now worth £3. Do you sell them and move on, or keep them as a reminder of your stupidity?
SBF listed his MAPS and SRM coins as $10B+ assets. This Justin Sun shit is bush league compared to SBF.
Circulating supply is the relevant metric. Total supply & max supply is virtually meaningless without context. SBF had his own way of manipulating these metrics. Take SRM for example. Circulating Supply: 372M Total Supply: 1100M Max Supply: 10B He let \~3% of the max supply trade on the open market. His company constantly bid up the price on the circulating tokens. Then he used the MAX SUPPLY I.O.U (since majority of future supply was earmarked to him) as an asset and lent it out as collateral to borrow real assets. Of course, in hindsight everyone agrees this was illegal. However, it allowed him to satisfy his accountants in Bahamas and other sketchy locations, and let him continue hiding the Alameda hole.
Top gainer today, SRM up 120%, is a cooperation project between FTX and Solana. So my question is, Wtfffff
I dumped all my SRM today. It was worthless and I have little hope of recovery
There's no way around customers aren't taking heavy losses. Most of FTX losses were from market losses in FTT, SOL and even SRM when FTX fell with the panic selling. There's no way to recover those losses and no one to recover the losses from.
Anyone know what serum SRM is doing with its life?
Is anyone here familiar with SRM serum?
GRT IOTA ONE SRM would receive so little if selling now and would be realising a significant loss, maybe holding is the better option, I don’t think these are coming back but no signs of closure
> 10% of the fund’s assets were trapped on FTX and that it also had considerable exposure to FTT, SOL, and SRM, all tokens that witnessed strong sell-offs at the time. >In addition to investing in the defunct FTX exchange, the company manages three separate venture capital funds. Multicoin’s hedge fund is still up 1,376% from inception until 2022, after deducting fees. Multicoin recorded a 100.9% gain for the fund in January 2023, bringing the total return since inception to 2,866%. This increase coincided with the general crypto market’s recovery from last year’s lows.
SBF drank his own koolaid tough rofl. he cried on substack in december, that alameda was fine, had 50 bil in SRM and 8+ bil in SOL that would cover easily the 8bil missing indeed, drank his own koolaid.
Look at the shitcoins they have a "surplus" of. MAPS, SRM, FIDA, MEDIA... if they think those MAPS are worth $909M wait until they go to sell them. The whole market cap is $651M currently on [coinmarketcap.com](https://coinmarketcap.com) Maybe I don't understand numbers.
nope. he had a 1 bil loan from FTX, and his other two big executives also had like 550 mil and 200 mil i think, not sure about last one. so they just played around with all the money ofcourse SFB was a moron drinking his own koolaid. now after release on his substack article he shilled: welp alameda was fine, had 50 bil in vesting SRM and 8+bil in SOL, so the 8 bil loan was no biggie, tee hee
he just drank his own koolaid, remember how reporters loled 6 months before collapse when he talked, well this token i make is 20 mil and now people buy it and give me money and then on his substack after arrest he was like. well alameda had 8 bil debt, but cue in "this is fine" as alameda had 50 bil in SRM vesting and 8+ bil in SOL tee hee
He obviously misrepresented the situation to CZ. SBF was listing his illiquid shitcoins like SRM, MAPS, FTT as being $10B+ assets. SBF was saying that FTX was solvent, it was just stuck with a pile of illiquid assets. Most assumed this meant assets like his stake in RobinHood, maybe a backroom equity position in Twitter, commercial paper, locked/staked ETH. You know, assets that have an actual market. Instead he was referring to shitcoins he created that didn't even technically exist on their own blockchains. They existed purely in FTX databases. There was also a belief that the hole was mostly contained within Alameda. So the logic at the time was to let Alameda go bankrupt (Alameda is worthless anyway, just a completely failed hedge fund). FTX was a real business worth saving. Even today, I'm sure FTX the exchange has value, but the problem is that value is less than the debt it owes out to other parties.
yeah i read his substack. it was funny. he drank his own koolaid: Alameda had 8 bil debt, but it was okay, because they had on books 50 bil in SRM and 8+ bil in SOL poor fool lol, thinking his made up tokens are worth anything :P
Same. Fuck SRM. Only small beans though. If BTC or ETH go down the pan, that will hurt.
SRM for me. I don't expect I'll ever break even, but it's just not worth selling at this point.
hey Samwell Tardy Bankrupt-Fraud had no issue with 8bil hole in Alameda, as Alameda owned 50 bil in SRM and 8+ bil in SOL tee hee seems Sam Jim Jones, drank his own koolaid of his illiquid crypto being worth anything
FTX/Alameda borrowed crypto (BTC and ETH I believe) from Voyager using FTT and SRM as collateral back in late 2021 early 2022. In other words it was a secured loan, if they repay it they get their collateral back. I don’t know how the collateral was valued at the time or whether it was considered to be “over collateralized”, but likely it was. Later on in 2022, when it became obvious that Voyager was going to file bankruptcy, FTX/Alameda freaked out because a court could potentially dig in to *their* finances and order repayment of that loan, which FTX knew would be a net loss for them because they knew the FTT collateral was largely worthless compared to the BTC and ETH they borrowed. FTX then tried to play the savior and buy out Voyager *outside* the bankruptcy process in order to avoid all that scrutiny, but it failed and eventually they were forced to make a bid *inside* the bankruptcy process. As part of that bid, the court *ordered* them to repay that loan and take their collateral back, and the terms of that repayment were that it happen by late September 2022 regardless of whether the buyout deal went through or not. FTX went along with it thinking they’d end up owning Voyager anyway so they’d just get that crypto right back (along with all other Voyager customers assets too), but the deal fell through leaving them holding just their FTT and SRM collateral. Now that FTX/Alameda is itself bankrupt, FTX/Alameda lawyers are in court portraying that loan repayment to Voyager as an unsecured debt, and portraying it as an arbitrary choice FTX made to repay Voyager instead of other creditors (ie claiming it was a “preference” under bankruptcy law that can therefore be reversed by clawbacks). In other words they’re blatantly lying because they’re desperate to get their hands on any assets that still have actual value, like the BTC and ETH, because now the FTT they used as collateral (which they themselves originally claimed had enough value to secure a loan) that was returned to them is worthless, entirely due to their own actions. As icing on the cake, the motion FTX/Alameda lawyers filed in court is full of deluded ranting blaming everyone else, including Voyager, for FTX/Alameda lying to everyone and committing fraud.
you dont get it /S he said alameda had 50 bil in SRM and 8+ bil in SOL, so having 8 bil hole was no biggie!
they were doing "stuff" SBF was crying in his substack "the 8 bil was no biggie, i had 50 bil in SRM and 8+ bil in SOL" and 9 months ago he made an interview where he talked "i make a token and say its 20 mil worth, people buy it". reporters were like WTF. well SBF kept drinking his own koolaid
SBF drunk his own koolaid, remember how he was mocked in spring about talking: i make token say its worth 20 mil and people give me money. he started to believe his own bull. he recently talked the 8 bil hole at alameda was no biggie, because alameda had 50 bil in SRM and 8bil+ in SOL. just SBF things :P
is alameda part of ftx liquidation? as sbf shill that his 8 bil loan was no biggie as alameda had 50 bil in vesting SRM and 8bil+ in SOL
5.5 Billion in SRM and OXY maybe lol
SBF cried last week: "Alameda had sound balance sheet, had 50 bil in SRM, 8 bil+ in SOL, so the 8 bil was not a problem, tee hee"
i mean Madoff was like a guy who pioneered computer trading and was a 3 time NASDAQ chairman. thats like going around and screaming today that Jamie Diamond is running a ponzi scheme on side. noone would believe you such stuff about a giant of Wallstreet. did not help that Madoff joked to his baby auditors, he will be their boss one day and their SEC superior joking back, that they can be his staffers when he becomes the SEC head. when you have a seniority and your word is golden, people dont doubt you. Sam was connected, but he lived in his own crypto bubble, just check his substack delusion "hey this SRM token is 50 bil worth and SOL is 8+ bil worth so it doesnt matter that Alameda owes FTX 8 bil, tee hee"
SOL ecosystem coins like SRM and RAY are making the top gainers list. Did SBF get into a laptop again or something? 😂
"Alameda owed FTX 8 bil, but it had 50 bil in SRM and 8+bil in SOL, so its all fine, tee hee"
Sucks but if it's FU money then it should be fine. Funny thing is, I actually tried putting $10 in futures since the start of last December and challenged myself on how far I can go before getting rekt. I made rules to myself that I only have one futures trade at any given time, with the value of a trade at max $50 (I can go lower if I want). If my balance exceeds $50, I put that the excess on standby. If I get rekt in a trade, I have the choice to get more from the "standby fund" to have another attempt and continue the degeneracy. But I can never add more money to it (other than what I make from the futures trade ofc). As of right now, I have withdrawn the $10 I initially put in (so if I get entirely liquidated, my whole futures play was just breakeven). I have $166 in standby and $50 waiting for a trade. I've been rekt lots of times as well and learned never ti short SOL or SRM no matter how convincing a retrace looks like 😂
No one is going to pay anything for a few of those. Take a look at Maps and tell me what the actual value of it is. $1 million maybe? Bona might be a few million to ten million maybe. SRM is dead. BTW what happened to all the hacked crypto from FTX? Is anyone looking for that or going to talk about it? Was that the bahamainian gov?
It is valued at 0 dollars along with MAPS, OXY, SRM etc. They know these items cannot be sold.
The wallet currently holds crypto worth $167 million, including 100 million BIT ($46.6 million), 41 million USDT, 31.8 million USDC, 17,177 ETH ($24 million), 4.6 million SUSHI ($5.2 million), 10 million WXRP ($3.76 million), 6.86 million RNDR ($3.2 million), and 6.86 million SRM ($1.6 million).
Most of the upvoted comments are mostly repeated cynical jokes. It is unfortunate for people that wants to get actual info. There aren't many secured creditors so all others will be paid equally. Being rich doesn't get you in front of others in this case. All customers get paid the same percentage. Lawyers and legal fees can't possibly reach to billions. I don't think it can even amount to 3-4% of the recovered amount. $5B number excludes illiquid coins like FTT, SRM and other worthless stuff that has much more supply than the circulated supply. It seems like the victims can at least recover some portion of their losses which is good knows but it is as if people want the world to crash and burn instead.
It is in cash and other liquid assets. They are not talking about SRM or FTT.
tldr; FTT FTT/USD saw a 40% increase in the past 24 hours. Serum SRM/USD, the native token of Solana SOL/USD based decentralized exchange rendered defunct following the collapse of Alameda Research and FTX, surged 12%. Over $245 million in short positions were liquidated in the last 24 hours, according to Coinglass. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
1) September 2021, Voyager loans Alameda/FTX $380 million worth of BTC/ETH (at/near market high point), gets FTT and SRM as "collateral" (lol) 2) Alameda/FTX literally steals a ton of money from virtually everyone 3) June 2022, Alameda/FTX (using other people's money) loans Voyager "up to $200 million in cash or USDC and 15,000 Bitcoin", Voyager only draws $75 million in USDC from that loan 4) July 2022, Voyager files bankruptcy due to 3AC and others failing to repay massive loans 5) September 2022, Court orders Alameda/FTX to return that "$380 million worth" of borrowed crypto to Voyager, worth *much* less at that point, and gets their shitty FTT/SRM "collateral" back. Deadline is September 30th 6) September 2022, Alameda/FTX tries to buy out Voyager, which would both give them access to ~$600 million worth of Voyager customers remaining assets and likely avoid having to actually comply with that September 30th deadline to make the horrible BTC/ETH->FTT trade they knew would fuck their own finances up even more 7) January 2023 Alameda/FTX, using other people's money, pays lawyers to file a batshit crazy objection claiming Voyager *owes them* **Motherfucker**, are you serious?
It's tempting to short SOL and SRM right now, but I know it'll just get another leg up as long as that BONK hype is still there 😂
SRM up 30% on the day - yay SRM still 96.58% down since I bought - boo Luckily it's a small bag. A mate convinced me that Serum under $12 was an opportunity not to be missed. Yeah, I'm not listening to him ever again.
> Bitfinex is bidding farewell to Celsius Network (CEL), Serum (SRM), Pangolin (PNG), BnkToTheFuture (BFT), Bridge Mutual (BMI) & Bitcoin SV (BSV). - Deposits are now closed - Trading will cease on 29/12/2022 - You can still withdraw until 14/02/2023
Well, it would fit the mold of a "collateral coin". That is, a coin where only a very small percentage trades openly, while the vast majority is held by the issuer and used as an asset on a balance sheet. It's the exact MO from SBF and their SRM/FTT accounting tricks. I haven't seen any proof that Bitfinex is using the LEO token in this manner, but the fact is that it COULD be used in the exact same way.
Backing your crypto exchange with a steaming pile of SRM, MAPS and FTT tokens was probably the bigger mistake.
I think Alameda and FTX were basically one entity. They were so deeply intertwined. Alameda did all the market making on FTX. Alameda's "assets" on their balance sheet were almost entirely FTX-backed shitcoins (FTT, SRM, SOL). So like you said, they just shifted all the bad stuff into the opaque company (Alameda). Out of investors' sight. They made the FTX side look like gold. And they created the illusion that Alameda was a hugely successful hedge fund. Anytime people questioned FTX / SBF, the narrative was that "Well, Alameda is so wildly profitable that they can do anything they want."
I'm just trying to stay on topic. The Tweet is very short and very vague. It was not about price, and that's all I wanted to say. ----- As for what you want to discuss, I agree that most of the crash was directly caused by outright fraud and bad accounting. Lenders were not doing book-to-value properly. Leverage was integral to the overall pump of the whole market. There were a lot of sketchy loans created the equivalent of leverage because they used low-liquidity, artificially-pumped tokens as collateral. The true value of those token if they had been sold on an open market would be nowhere near their loan value due to the low liquidity. SBF/FTX did this with SRM and FTT. Luna/UST had a similar system of indirect leverage where the market for Luna and UST was amplified through how their seigniorage model worked and the Anchor protocol (with its finite rewards pool). They actually expedited their own downfall when they used their own tokens to purchase the BTC reserve, not realizing that the price fall from selling their own token was amplified by leverage.
Yes, SBF bailed out Solana in 2020 and got hundreds of millions of tokens for it. He went on to build SRM on Solana which is the backbone liquidation engine for many dapps on Solana. FTX/Alameda/Solana have huge overlaps and theres a lot of speculation that Alamedea is the reason it pumped to 240$ so fast in the second leg of the bull run of 2021
This isn’t a dex issue. Serum was the backend engine for every solana lender. They were paused for weeks due to this. Every solana lending platform being paused for weeks due to SRM/FTXs downfall is centralization
tldr; Serum, the Solana-based DEX protocol launched in part by FTX, is seeking a fresh restart after FTX's collapse. The new project, called Openbook, will be community-led and may do away with the SRM token entirely. However, the old Serum protocol has fallen to near-zero trading activity. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Beats the “2 Billion” in OXY, MAPS, SRM and FTT tokens lmao
>The exchange will terminate trading of the SRM/BNB, SRM/BTC and SRM/USDT trading pairs on Nov. 28. So they're not delisting the SRM/BUSD trading pair. They might as well though.
>Though no Solana (SOL) was held on FTX, the organization has lost far more in crypto assets. About 3.43 million FTX (FTT) tokens and 134.54 million Serum (SRM) tokens belonging to the foundation are now trapped on the exchange. LMAO, it reminds me of a meme of female boxer, who with literally her face smashed like hell and eyeballs popping out, told everyone that 'yeah, I am fine. Nothing happened to me'.
tldr; The Solana Foundation has released a fact sheet detailing the exposure it holds to FTX following its bankruptcy. The organization held over $180 million worth of crypto asset exposure to the company as of November 6th. Solana's premiere non-profit held major exposure to FTT and SRM tokens within FTX. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I've been watching SRM for a while. Support is strong, gap to fill up to 0.60ish, currently at 0.26, been running in the green despite the red days others faced.
anyone here with psychic abilities? would like to know what to do with my AMP GRT ONE SRM
SOL and SRM (in Solana’s ecosystem) were the only top 100 coins that were directly affected by the FTX saga
yeah binance de listed SRM in 2022-11-15.
I have shorted SRM and made good profit so far
I have already explained to you the fault in the system. Your collateral is a cryptocurrency (or multiple cryptos) which can lose 95% of its value overnight. Even if LUNA/UST did not have the supply function of minting new LUNA to buy back UST, it would have still died. It's the same reason FTX went to shit almost overnight. On paper, their assets were backed more than 100% by the value they held in SRM, FTT, SOL, etc. But in reality, once people lost faith in their platform, those coins lost their value almost overnight. Meanwhile, their debt remained relatively fixed, since it was mostly in USD and high quality crypto like BTC & ETH. Also, your claim that this DJED stablecoin is backed by science is laughable. What an outlandish claim. There is no science backing any algo stable. The crypto collateral can go to 0. There is no reason $ADA is fundamentally worth anything.
Perhaps you didn’t see this: “The Solana Foundation said Monday it has tens of millions of dollars in cryptocurrencies stranded on FTX – as well as 3.24 million common stock shares in Sam Bankman-Fried’s bankrupt crypto exchange. In a blog post, the Foundation said it held 134.54 million SRM tokens and 3.43 million FTT tokens on FTX when withdrawals went dark on Nov. 6. Those assets are worth $29.3 million and $4.4 million, respectively, at current market prices per CoinGecko; they were worth around $107 million and $83 million one day before the freeze.”
I dunno. This happening right around the same time that a ton of FTX's ETH was swapped to BTC, with SRM pumping today... Can't help but think SBF is doing more funny business. Someone get that man away from a fucking keyboard already.
They had 190 million dollars in ftx. This is why foundation only has 100 million now. This is why solana foundation only has 100 mil. They lost 190 mil to ftx In a blog post, the Foundation said it held 134.54 million SRM tokens and 3.43 million FTT tokens on FTX when withdrawals went dark on Nov. 6. Those assets are worth $29.3 million and $4.4 million, respectively, at current market prices per CoinGecko; they were worth around $107 million and $83 million one day before the freeze.
About like 2.5 bil of their asset is serum (SRM) token. SRM. As of today SRM circulating marketcap is around 60 mil. If they sell everything at once, at most they'll get like 5-10M from the market. There's also 1 billion worth of locked SOL, so there's that at least.
I'm not on any stims just SRM right now. My psych doesn't wanna go to stims until I get into my new routine and see how the SRMs are helping. On atomoxeitine only.
If only FTT and SRM start trading 30x their current price, FTX would be fine. Steady lads, deploying funds to increase FTT price.
https://thedefiant.io/solana-ftx-exposure The Solana Foundation, a non-profit organization based in Switzerland that supports the Solana blockchain, revealed that it had approximately $1M in cash or cash equivalents in FTX before the exchange paused withdrawals. According to the foundation, this represents a negligible amount of its holdings. The foundation also holds 3.24M common shares in FTX Trading Ltd, along with 3.43M FTT tokens and roughly 135M SRM tokens. All these assets are stuck on the FTX exchange. In the wake of FTX’s collapse, soBTC and soETH are being dumped by investors as both tokens were issued by FTX. These wrapped assets are supposed to be backed 1-to-1 by native Bitcoin and Ether but the fate of the collateral is now in question. Both assets are in freefall, with soBTC trading at $1,368 and soETH trading at $250. Serum, an order-book-based DEX, which is the primary source of liquidity for many of Solana’s protocols, is believed to be compromised. “The Serum program update key was not controlled by the SRM DAO, but by a private key connected to FTX. At this moment no one can confirm, who controls this key and hence has the power to update the Serum program, possibly deploying malicious code,” said Mango Max, an anonymous Solana developer. Serum’s native SRM token has cratered by nearly 72% to $0.21 in the past week. - Solana Foundation has lost significant treasury funds from FTT and SRM losing value and being frozen on FTX, and had about $1 million in cash or equivalent on FTX. FTX still owns a very significant % of SOL tokens, and it will either be dumped by the hacker or liquidated. Just reread your first sentence, and reread my last paragraph. You keep lying and insulting me. All good. I'm done talking with you. I hope you invest a lot of money in SOL, you two deserve each other.
This is covered in "The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater - Ep. 421" ----- **Here's how SBF's strategy that he used over 30 times worked:** * The traditional pump-dump strategy for ICOs was to create a coin, pump it, and then dump it. The downside is that you could only do this once, and if you're caught, you get into massive trouble. * SBF's strategy was to create a coin, pump it, and then collateralize it. He did this ~35 times * These coins (FTT, SRM, and APT) were on multi-year hyperinflationary schedule with an extremely small liquidity at the beginning. They were designed so that staking rewards were massive in the beginning, leading to many early investors rushing to get into them. This lead to a giant pump. * They were taking loans based on the value of these tokens early on before supply inflation. The tokens were meant to lose value over time. * All CeFi companies were giving loans based on the value of these pumped shitcoins. It was similar to the subprime loan situation, but worse. With subprime loans, both the lender and the borrower lose during default. With shitcoin-collateralized loans, only the lender would lose out. * For CeFi companies, there were only a few originating customers borrowing loans: mainly Alameda and 3AC. When 3AC went down, the CeFi companies could only turn to Alameda Research. And that's why they stuck with them. * CeFi companies misled their retail customers about their collateralized loans because the value of their collateral from FTX/Alameda kept going down over time. If they liquidated Alameda by regularly adjusting their loan-to-value as should've been doing, they would lose their only borrowing customer. Without their borrowing customer, retail customers would get no interest and would leave. **Why the scheme failed in the long run**: Due to collateral, they needed to keep the value of their shitcoins and FTT up above a certain value. For FTT, this was $22. When no one wanted to buy FTT anymore, FTX/Alameda had to buy it themselves at a loss. Otherwise, it would collapse like a house of cards. The podcast doesn't mention it here, but that made SBF's model a Ponzi scheme. It could not run forever.
If you believe the valuations. I doubt the 2billion in SRM could even be sold for $200mil in reality. It's a 97% locked coin where they can pump the price up to create billions in balance sheet equity.
>The ratio of total assets to customer deposits equals 0.49, while the more realistic net assets to customer deposits ratio is 0.39. The problem is, and they have even mentioned in the article is, they have excluded the hacked Ethereum amount, which would further reduce the above ratio to 0.3.So, considering all things go well, users should be getting 30 cents for every 1$ deposited? correct? No. From the time of calculation, the less-liquid assets have fallen by more than 60% (FTT, SRM and other coins), and it if going to go further down. ​ The second problem which people don't understand is, as they have filed for bankruptcy, it will take time, maybe years. People have still not yet received Mt.Gox assets even after a decade. Messari actually made so many mistakes in calculation, and publish a click-baity news that it is laughable to read.
He doesn't have $9B in assets. A recent leak showed that liquid assets (which matters the most) is only around $900 Million, half of which are $HOOD shares. The remaining are semi-liquid or illiquid assets, which can't be sold, or if sold, their price will be significantly reduced. They have a lot of SRM, FTT and other tokens which can't be considered even semi-liquid considering their recent drop in prices. All in all, the only real asstes they have are around $900 Million. ​ Also, funny quote : If SRM and FTT starts trading 25x their current price, then FTX is fine and solvent.
The SRM stuff is mad. What game does he think he's playing??
tldr; As we are moving more towards a DAO I suggest to burn almost all (90%+) of the locked supply and start decreasing the FDV of Serum. "There is just no point in having so much locked supply. Arguably you can say that in the future when SRM becomes much more deflationary the inflationary forces could be a good driving force to counter balance deflation." *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
This is just impressive - >The document shows that $5.5 billion of FTX’s listed assets are made up of “less liquid” cryptocurrencies such as the native token of decentralized derivatives exchange Serum (SRM). According to the materials seen by the Financial Times, FTX holds $2.2 billion worth of SRM, a crypto asset that has a market cap of just $72 million.
FTX was backing its liabilities with a token they themselves issued. Pretty much like selling Luna to peg UST. They show $2.1b assets in SRM which has only $80m market cap. People act like CZ did something but FTX was doomed from the start.
FT Alphaville leaked FTX’s balance sheet yesterday. It’s a disaster. Most of their assets aren’t worth the paper they’re written on – they have recorded a value or $2.5bn against their SRM tokens (another one of their own proprietary token, which has a soft market cap of around $100m). This isn’t a bank run – FTX was nowhere near close to solvent in the first place. At this stage it looks like SBF’s trading fund racked up enormous losses and SBF secretly pissed away $10bn of FTX’s customers’ funds trying to cover it up.
[https://twitter.com/TraderWize/status/1591907299215704065/photo/1](https://twitter.com/TraderWize/status/1591907299215704065/photo/1) These sums aren't relatable to their current reserves. The $1B total is the cumulative value sent in a 1Y period. They probably leave a balance there, let's say $20M max, they use that to repurchase or hedge against the token sales to their customers. So for example, a customer buys $1000 worth of SRM. CDC could buy $1K SRM, or they could just long $1K SRM on FTX. Considering funding rates on things like SRM tended to be negative, they could have effectively hedged their customers exposure and earned a profit for doing so. By not purchasing spot, they also allowed themselves to be more capital efficient. It was probably a mix of perps and spot, which is why they continued to top up their balance. Either way, in and of itself it is not suspicious.
Well what he's saying is, a customer buys let's say $1M worth of SRM. CDC needs to purchase that SRM somewhere to fulfill the order for the customer. There may not be sufficient liquidity on the CDC platform, so they purchase it on another exchange on behalf of the customer. That is what they are claiming. I have no idea whether it's true or not.
Man FTX has more holdings of SRM than SOL. It sucks that is so hard to short these because of the funding rates…
Isn’t the fork because FTX held all the $SRM…so just make it go away and fork over?