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How Sam Bankman-Fried manipulated the Bitcoin exchange rate

New shock in the SBF drama: FTX founder allegedly tried to manipulate Bitcoin price.

By Luc Vesters
• 2 min read
How Sam Bankman-Fried manipulated the Bitcoin exchange rate

New shock in the SBF drama: FTX founder allegedly tried to manipulate Bitcoin price. He wanted to keep the Bitcoin rate artificially below $20,000.

So claims Caroline Ellison, the ex-CEO of Alameda Research, FTX's hedge fund. She testified in court in New York yesterday, Oct. 11, 2023. SBF allegedly instructed her to sell her own clients' Bitcoin to keep the price artificially low. She did not specify the reason for this.

The Bitcoin price actually always hovered around $20,000 between September and November 2022. The 30-year-old founder of FTX is on trial in New York. The charge: billion-dollar fraud. He faces up to 115 years in prison. FTX was the leading U.S. crypto exchange. In November 2022, it collapsed. Eight billion US dollars in customer funds were missing.

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