This incident occurred while SBF was conducting trades from the Alameda Research account, raising serious concerns about his handling of customer funds.

Read Also: FTX Founder Sam Bankman-Fried Convicted On 7 Federal Counts, Could Spend 110 Years In Prison

The Lost XRP and SBF’s Nonchalant Response

According to the report, SBF downplayed the significance of the lost funds, suggesting that the money might have been transferred from a US-based exchange, regularly used by Alameda, to a South Korean counterpart.

This casual response from SBF sparked worries among Alameda Research employees, who felt that the situation was not being taken seriously.

Employees at Alameda Research had to take matters into their own hands and pressure SBF into refraining from trading for two weeks. They believed that this pause was necessary to conduct a thorough investigation into the missing funds. SBF reluctantly accepted this condition, indicating a lack of transparency and accountability on his part.

During the investigation, SBF attempted to convince employees to falsely claim that the company still possessed 80% of its XRP assets, despite the fact that the tokens were missing. This further eroded trust in SBF’s leadership and raised questions about his integrity.

The disappearance of the 20 million XRP tokens became the breaking point for Alameda Research employees who had already grown weary of SBF’s reckless approach to managing the company’s accounts.

Even during the period when the funds were unaccounted for, Alameda Research continued to execute over 250,000 trades per day, with most of them lacking proper documentation.

Recovery of the Missing XRP

Several months later, Alameda Research finally located the missing XRP tokens. It was discovered that the tokens had been transferred from the Kraken exchange to the South Korean-based crypto platform, Bithumb.

Surprisingly, the 20 million XRP arrived at Bithumb without any indication of the sender’s identity. However, Alameda Research did not promptly reach out to reclaim the funds, raising questions about their handling of the situation.

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Read Also: XRP Holds Strong as Whale Moves 31.4 Million XRP to Bitstamp Before FTX Selloff

SBF’s Interaction with Bithumb

Upon realizing where the misplaced tokens had gone, Sam Bankman-Fried directly contacted Bithumb. In a candid phone conversation, a Bithumb employee expressed their surprise at the delayed communication, asking, “Are you the f—er who sent us like 20 million Ripple tokens? How the f— are you only calling us now?” This interaction further highlights the lack of oversight and timely action by SBF and Alameda Research.

The incident involving the misplaced XRP is just one of many shocking revelations surrounding SBF’s handling of customer funds. Recent reports have also disclosed SBF’s use of profits from Alameda Research to purchase Solana (SOL) at an incredibly low price of $0.20.

Additionally, SBF’s belief that it was acceptable to invest FTX customer funds in the sister company, Alameda Research, raises serious ethical concerns.

This damning report by The Wall Street Journal provides further evidence of SBF’s reckless mishandling of customer funds and his apparent lack of sound judgment.

The case involving the misplaced XRP tokens represents just one example of a broader pattern of mismanagement observed during SBF’s tenure at FTX and Alameda Research.

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The post FTX Founder’s Reckless Misplacement of 20 Million XRP Revealed in Damning Report appeared first on Times Tabloid.

Per an update shared by the top blockchain analytics platform PeckShieldAlert, Voyager Digital which was recently taken to court by another broke centralized exchange FTX, moved varying volumes of Shiba Inu (SHIB), Ethereum (ETH), Chainlink (LINK), and its ecosystem token VGX to Coinbase, Binance US, and Kraken.

Voyager Digital transferred roughly 4.9 million Voyager Token VGX worth about $2.1 million, 221,000 LINK estimated to be $1.5 million, and 3,050 ETH valued at $3 million at the time of the transaction across these exchanges. 

In addition, the largest volume transfer in this scenario was recorded when the once-thriving crypto trading platform moved a whopping 270 billion SHIB tokens. PeckShieldAlert further added that one of Voyager’s addresses held 6.8 trillion Shiba Inu (SHIB) as of Thursday. Accordingly, this address ranks as the 18th-largest holder of the decentralized meme token, SHIB. 

#PeckShieldAlert ~$9.6M worth of cryptos transferred from Voyager to crypto-exchanges Coinbase, Binance US and Kraken, including ~4.9M $VGX (~$2.1M), 221k $LINK ($1.5M), 3,050 $ETH (~$3M), 270B $SHIIB (~$3M) within the last 12 hours pic.twitter.com/fiTOfToujD

— PeckShieldAlert (@PeckShieldAlert) February 2, 2023

Read Also: Binance Moved 1.8 Trillion Shiba Inu (SHIB). Here’s the Destination

How Voyager Could Impact SHIB Price

Voyager’s latest transfer of Shiba Inu to crypto exchanges is one of those transactions SHIB holders should be concerned about. Recall that Voyager became insolvent after the meltdown of the crypto hedge fund Three Arrows Capital (3AC). This led to the purchase of some of Voyager’s assets by Binance US after the court approved the deal in early January. 

Presently, the defunct FTX partner initiated a lawsuit against Voyager Digital. This is an attempt by the collapsed trading firm founded by Sam Bankman-Fried to recover the June 2022 loan repayments it made to Voyager. According to the court filing, the loan repayments were made shortly before FTX collapsed. Hence, it claimed it is legal to recover the interest payments as they seek to repay FTX creditors. 

Shiba Inu holders are wary that Voyager moved these many tokens to sell on the secondary marketplaces in a bid to refund the $446 million loan repayment received from Alameda Research. Should this play out, then SHIB which has been printing long green candles in the last 30 days could change its trajectory toward low levels. Notably, Shiba Inu is up by over 61% and 11% in the last 30 days and 24 hours respectively. 

But it bears mentioning that in a recent outcome, Voyager creditors’ committee and the company itself opposed the attempt by the defunct crypto hedge fund Alameda Research to extract the $446 million loan repayment, according to court filings. Voyager argues that Alameda’s inequitable misconduct and fraud cost them losses amounting to $114 to $122 million.

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The post 270 Billion SHIB Moved By Voyager To Top Crypto Exchanges. Here’s the Likely Impact on SHIB Price appeared first on Times Tabloid.