Re:U.S. Government Sold $216M of Seized Silk Road Bitcoin Th...
by vgatherps on Saturday April 01, 2023 @05:08PM
(#35404077)
It's the opposite, FTX was selling customer BTC to prop up their own coins.
This is also a clear example of how difficult it is to prop up a coin, even relatively illiquid ones like the FTX coins. FTX could sort of prop up their own coins, but not really. They couldn't move prices high enough to keep lenders from recalling capital, and they couldn't support prices at all when there was a confidence crisis before the collapse.
This is also a clear example of how difficult it is to prop up a coin, even relatively illiquid ones like the FTX coins. FTX could sort of prop up their own coins, but not really. They couldn't move prices high enough to keep lenders from recalling capital, and they couldn't support prices at all when there was a confidence crisis before the collapse.