They called him the JP Morgan of crypto. But today, Sam Bankman-Fried (SBF) found himself on the dark side of the moon. His crypto exchange, the second largest in the world, collapsed after experiencing a 2 day bank run. The story reached it’s conclusion on the day of the Lunar Eclipse, the same one that occurred during the collapse of Terra LUNA in May.
What’s the verdict? Was this deserved? Let me tell you a story about what I saw during my time in the crypto trenches.
It was late April 2022, Alameda Research, an investment fund owned by SBF was about to drop the straw that broke the crypto market’s back.
The way I see it, Alameda Research’s investment in TRON DAO pulled the plug on the liquidity keeping the Terra LUNA ecosystem alive.
You see, TRON DAO was the same concept as Terra LUNA’s Anchor Protocol, with the exception that it was offering 30% APY instead of 20%.
Central banks often use high yield to stop bank runs. When TRON DAO came in an offered a higher yield, the mechanism that was preventing a bank run on Anchor Protocol was nullified.
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The result of this was a rapid doom loop, and total collapse of the Terra LUNA ecosystem. The dominoes began to fall. Many of the funds that had investments in Terra LUNA began to collapse shortly after.
Maybe Sam Bankman-Fried felt guilty for the event, as he began to buy up crypto platforms that went insolvent as a result of the collapse.
Good effort, but it turns out he wasn’t strong enough to stomach the contagion. On November 6th 2022, the CEO of Binance launched a malicious attack against SBF’s exchange.
Having made a statement that is no different then taking a megaphone to a bank and announcing that they are out of money… It seemed clear to me on that day, that he was trying to trigger a bank run.
Did CZ try to land the bank run on November 8th 2022, the day of the Lunar Eclipse? We will never know for sure, but the timing is apt. The previous Lunar Eclipse occurred during the collapse of Terra LUNA in May. The 2 events are now tied together by the blood moon’s portal.
Shoutout to MAREN on Twitter for opening my eyes to this astrological clock that appears to be respected by many Billionaires. It is truly phenomenal.