BitDAO [BIT], the token of the Bybit contribution group, dumped as much as 20% in less than two hours after Alameda Research made moves to sell-off its BIT holdings.
In an unanticipated tweet, Bybit CEO, Ben Zhou, alerted the crypto industry about some concerns of the BitDAO community. According to him, BitDAO was concerned about the abrupt dump of its token by the FTX-sister company.
Zhou also noted that the effort contrasted with the agreement in place not to sell for three years.
Bitdao bendruomenė abejoja dėl staigaus išmetimo $bit ženklas, kurį sukėlė Alamedos dempingas ir 3 metų abipusio viešo įsipareigojimo neparduoti pažeidimas. Nieko nepatvirtinta, bet bitdao bendruomenė norėtų patvirtinti fondo įrodymą iš Alameda. https://t.co/YassKhcdPt
– Benas Džou (@benbybit) Lapkritis 8, 2022
Štai AMBCrypto’s Price Prediction for BitDAO už 2023-2024
Of consequences, responses, and contradictions
Adding to his tweet was an atnaujinimas from the BitDAO community. Details from the discourse revealed that the community had asked Alameda to prove that it was not selling BIT.
This need for evidence came as a result of an Eterų kanalas transaction by Lookonchain that Alameda had transferred about $1.6 million to the FTX exchange. Else, Alameda faced a „FTX“ prieigos raktas [FTT] jeopardy. The BitDAO discourse read,
“If this request is not fulfilled, and if sufficient alternative proof or response is not provided, it will be up to the BitDAO community to decide (vote, or any other emergency action) how to deal with the $FTT in the BitDAO Treasury”
On the contrary, Nansen CEO, Alex Svanevik, said that it was Bybit’s Venture Capitalist partner, Mirana Ventures that was behind the BIT withdrawals, not Alameda. However, the crypto-insight company chief stated that the withdrawals did not guarantee an attempt to sell. Hence, both Alameda and Mirana could be non-participants in the BIT plunge.
Šiek tiek keista, kad sandorį, dėl kurio jie buvo mažesni nei 100 mln. BIT, iš tikrųjų atliko „Mirana Ventures“ – „Bybit“ VC padalinys. pic.twitter.com/KanHJDfwnP
- Alex Svanevik 🐧 (@ASvanevik) Lapkritis 8, 2022
Alameda’s CEO, Caroline Ellison, in the defense of the firm, responded to Zhou, that she was going to provide proof of the funds Alameda held in BIT. According to Ellison, who has been locked in a mūšis with CZ of Binansas lately, Alameda has no reason to go against their agreement.
šiuo metu užsiėmę, bet tai buvome ne mes, gausite lėšų įrodymą, kai viskas nurims
– Karolina (@carolinecapital) Lapkritis 8, 2022
Mending bridges
Interestingly, there has been a twist of fate for BIT on-chain. According to Santimentas, BIT’s volume had surged an incredible 170% in the last 24 hours.
This implied that more money had flown into the network. As such, it was expected to lead into an uptick. Furthermore, that was the case as BIT recovered while trading at $0.40, at press time. Further revelations showed that Alameda was largely involved with the token resurgence.
In conclusion, Caroline seemed to have acknowledged the Zhou and BitDAO request positively. This was due to the revelation of Lookonchain.
According to him, the Alameda CEO had transferred $182.4 million, at press time. In doing this, it was highly likely that BitDAO would opt against selling off the $3.3 million FTT in their possession.
Ei @benbybit!#Alameda pervedė 93.5 mln BIT USD($182.4M) to on-chain address. @carolinecapital
You don’t need to sell USD FSM daugiau. https://t.co/llssyeo8KKhttps://t.co/jMRtsAQ82J pic.twitter.com/uPEAZvHtfU
- Lookonchain (@lookonchain) Lapkritis 8, 2022
Source: https://ambcrypto.com/bitdao-in-disarray-after-alameda-allegedly-dumps-bit-decoding-details/