1 year ago
Solend (SLND) laminitis 0xrooter has described FTX laminitis Sam Bankman-Fried arsenic a “profit maxi” who wants to “profit astatine each costs.”
SBF is simply a nett maxi: nett astatine each costs
— 
Rooter (hiring!) (@0xrooter) October 24, 2022
According to Rooter, a company’s enactment reflects its founder’s personality. While helium has ne'er had immoderate idiosyncratic enactment with SBF, helium believes his acquisition with 1 of the companies owned by the crypto billionaire gives him an thought of what to expect.
Solend laminitis describes Alameda’s ‘perplexing behavior’ during IDO
Rooter stated his acquisition with Bankman-Fried-owned Alameda Research during the archetypal dex offering (IDO) for Solend.
According to him, Alameda had participated successful Solend’s effect circular –an enactment helium had interpreted meant they wanted to enactment the Solana-based lending protocol. However, the trading steadfast carried retired a bid of “perplexing behavior” to stunt the maturation of the protocol.
Rooter continued that connected the cusp of Solend’s archetypal dex offering (IDO), helium realized that implicit $100 cardinal had been raised by the protocol, which made its afloat diluted worth (FDV) astir the aforesaid arsenic storied DeFi protocol Aave.
rewind to solend's IDO successful nov 2021. aft a sleepless night, the IDO tract was launched. I stepped distant to drawback up connected sleep, and upon waking up learned that >$100M was contributed to the IDO. the implied FDV was inflated to >$2.5B, undeservedly rivalling aave astatine the time.
— Rooter (hiring!) (@0xrooter) October 24, 2022
But Solend utilized a mango-style IDO which allowed users to deposit oregon retreat connected the archetypal time and past lone retreat connected the second. On the 2nd day, conscionable a fewer minutes earlier the IDO ended, $80 cardinal was pulled retired of the protocol, which meant it raised lone $26 million.
The Solend founder stated that on-chain information revealed that Alameda Research controlled the 2 accounts that initially deposited $40 cardinal each and removed $80 cardinal astatine the past minute.
Alameda’s determination efficaciously meant it got a amended terms for the tokens since the initially precocious FDV would person frightened different investors from investing successful the protocol. Rooter continued that these actions “make consciousness if you retrieve that Alameda is simply a nett maxi hedge money (just larping arsenic VC due to the fact that it’s lucrative).”
Rooter said:
“Alameda’s actions bespeak SBF’s ideology. nett absolves each sins. the ends warrant the means. effectual altruism.”
Crypto assemblage becomes captious of SBF
Meanwhile, the Solend laminitis is the latest crypto assemblage subordinate to go critical of Sam Bankman-Fried. Several assemblage members person accused the crypto billionaire and his firms of not keeping the community’s champion interests successful mind.
SBF precocious wrote his thoughts connected crypto regulations, which galore criticized severely.
Ryan Sean Adams said the recommendations “absolutely suck” arsenic it proposes DeFi to go OFAC-compliant, among different issues.
Sam.
With respect.
This perfectly sucks.
You're saying DeFi should beryllium OFACed.
You're saying onchain freeze's should beryllium normal.
You're saying DeFi front-ends to registry arsenic a broker-dealer.
No, this is not reasonable.
This would destruct the U.S. from the crypto race. pic.twitter.com/AtlvHgaAkL
— RYAN SΞAN ADAMS 
(@RyanSAdams) October 19, 2022
Some believe SBF is lone trying to support the competitory vantage of FTX and centralized exchanges portion making it intolerable for others to compete.
Founder of ShapeShift Erik Voorhees besides published a full response to the argumentation wherever helium countered respective points, particularly calls for crypto to beryllium OFAC compliant.
The station Solend laminitis says SBF wants to ‘profit astatine each costs’ appeared archetypal connected CryptoSlate.
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