What had happened?

Sam Bankman-Freid, CEO of crypto exchange FTX and crypto hedge fund Alameda Research was really put on the spot.

On Nov. 2, CoinDesk published a report on Alameda Research’s balance sheet revealing that most of the hedge fund’s equity was invested in the crypto exchange FTX’s token FTT. This FTT token was issued exclusively by FTX and could be traded at Alameda Research for e.g. Bitcoin can be lent.

The report, which has now been published, caused a nervous mood among many FTT investors, including the CEO of the largest crypto exchange Binance, Changpeng Zhao. He announced on November 07 that Binance would liquidate their FTT holdings, as he believes the token is broke.

These rumors in turn led to a bank run at FTX, where it has now emerged that not all customer funds were held by the crypto exchange either. It appears that funds were moved from FTX to Alameda Research in the past, which included client funds.

The rest is history: the FTT token smashed from USD 26.281 to currently USD 1.981 within the last week, dragging many other crypto tokens with it. Bitcoin recorded a loss of ~27%, investors who had held their money in FTX face a total loss.

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Sun/Venus/Mercury opposition Uranus/Phaeton square Saturn

Transits 09.11.2022

Astrologically, it is not surprising that there are distortions in the crypto market when Uranus receives such bad aspects. In the past, it had been shown time and again that the crypto market is subordinate to Uranus/Aquarius.

With Sun/Venus/Mercury we see the marketplace, the exchange where crypto tokens were traded (opposition Uranus), which has now come under closer scrutiny (square Saturn). In the process, grievances (square of Saturn) were revealed, which ultimately led to the fall (Phaeton) of the crypto exchange (Sun/Venus/Mercury opposition Uranus/Phaeton).

Sam Bankman-Freid – Philanthropist or Con Man?

Radix Sam Bankman-Freid

Bankman-Fried was at pains in public to present himself as a modest philanthropist (Pisces Sun opposition Jupiter in Virgo) and promised to donate (Pisces Sun) almost all of his fortune (Jupiter) to charity during his lifetime.

The work with the cryptos (Uranus) is only a means to an end to become wealthy (Uranus opposition Apollo).

At the same time, rather less was donated for charitable purposes: He supported eb. 5.2 million to Democrat Joe Biden’s campaign, but otherwise made a name for itself with expensive spending. For example, he paid $30 million for a Super Bowl commercial featuring comedian Larry David and acquired the naming rights to the Miami Heat basketball team’s arena for $135 million.

From a karmic point of view, we see the challenge in his chart not to end up as a con man and a phony (Sun opposition Jupiter), who has made a name for himself by deception (Pisces), as the boss (Sun/Jupiter/King) of a platform (Vesta) for cryptos (Uranus), becoming filthy rich (Jupiter square Midas).

Venus (money) in Aquarius (crypto scene) also suggest that Bankman-Fried will make his money in the crypto scene and should beware of criminal friends (Venus/Mars/Saturn in Aquarius) lest he become disastrously entangled (Venus/Mars/Saturn square Pluto).

That this would otherwise certainly have legal consequences for him, we see from the slight square of Justitia to Saturn/Mars.

Transits Sam Bankman-Freid November 2022

At the beginning of November, the time had come. The audit (transit Saturn) of the balance sheet (Venus) of his company Alameda Research started the wave and caused his billion-dollar fortune to collapse within a day (transit Saturn to Venus square Pluto).

This should not be the end of this chapter for him. According to reports, he absconded to Argentina (Pisces Sun = escape). He will probably not be able to escape the transit of Saturn (punishment) over his Sun in 2024/2025.

Saturn square Uranus – can more regulation be the solution in the crypto market?

No matter if Europe, the USA, Asia or the Middle East: FTX was regulated!

Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC) even claimed Bankman-Freid was the only adult from the cryptospace.

The crypto market follows the laws of Uranus. Not more regulation (Saturn), but full transparency (Uranus) are indispensable for a functioning market. In the future, it will become important for crypto exchanges to be able to provide a permanently available proof of funding if the public’s trust is not to disappear entirely.