Sam Bankman-Fried (SBF), former CEO of the FTX crypto exchange, used his influence in the crypto industry to inflate some coins prices through a coordinated strategy with FTX’s sister company, Alameda Research, a New York Times report claimed on Jan. 18.
As a way to keep FTX and the companies under its umbrella profitable, Bankman-Fried allegedly approached developers behind projects, insisting that they make their trading debuts on the exchange’s platform. Following that, the report claimed that Alameda Research would buy some of these freshly listed coins to raise their value.
After attracting projects and using its hedge fund to prop up prices, Bankman-Fried allegedly relied on its popularity to advertise the projects, and persuade the crypto community to invest in those coins, known as ‘Samcoins’. As