SBF：从昔日的加密之王，到FTX帝国倒塌的边缘

The SeeDAOPublished on 2022-11-09Last updated on 2022-11-09

Abstract

SBF 曾一度被视为加密货币之王，但如今他一手所创立的 Alameda 和 FTX 却被传言到都在破产边缘，SBF 和他的 FTX 到底发生了什么！

在很长一段时间内 SBF 都是众人的偶像，因其三个成就而闻名加密圈:

”“

1. 套利交易

2. 创建 FTX 和 Alameda

3. 带来了巨大回报的成功投资（例如$SOL)

”“

在其最高峰时，Sam 的个人净资产曾一度高达 100 到145 亿美元。

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在近期，FTX 频繁出手领投包括 Aptos(1.5亿美元)和Sui(3亿美元)在内的多个巨额融资项目。

”“

Sam 曾站在不败之地，即便是 Luna 崩盘带来整个加密货币圈一地鸡毛时，他也能利用当下的市场环境快速扩张：

”“

>注资救活破产边缘的 BlockFi（获得以2.4亿美元价格收购的权利）

>出价买下破产的 Voyager 的所有资产

>尝试注资给破产边缘的 Celsius

”“

然而，在幕后似乎发生了一些不为人知的事情。Alameda 的前 CEO Sam Trabucco突然辞职引起了人们的警觉。一个月之后，FTX 的前总裁 Brett Harrison也递交了辞呈。

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事后大家才发现，两位机构的领导者都是在FTX陷入监管机构法律问题泥潭之前匆忙离职。

”“

SBF 希望获得政治力量的企图也暴露得很明显 - 在即将到来的 2022 年美国中期选举中，他捐款近 5000万美金。

Sam 甚至公开表示他计划在 2024 年的总统竞选中捐款 （1亿至）10 亿美元，他对他的政治企图没有丝毫掩饰。

”“

尽管此时公众对于 Sam 的态度没有那么积极，但是真正改变大家对其看法的其实是近期在网上被流传的DCCPA - 数字资产消费者保护法案，一个被大家认为可能会几乎杀死去中心化金融整个行业的法案。

”“

从流传的信息中似乎可以看到 Sam 正在为这一法案的设立提供帮助。尽管 Sam 尽最大可能在 Twitter 上给自己增加“行业好人”的戏码，在这个法案中我们可以看到众多对去中心化金融有巨大威胁的信号。

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多位加密行业领袖公开对这一法案表示反对，其中最值得瞩目的是一人为大家敲响警钟的Ben Armstrong。

”“

在一期的 Bankless 访谈活动中，Erik Voorhees 也不断追问 SBF 对于监管的真正看法。这段被疯狂传播的视频片段 让整个加密社群对他有了深深的怀疑。

而这一转变便成为为接下来发生的事情的序章，大幅度助涨了社群中的 FUD 负面抛售情绪。

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人们意识到了他的初衷似乎和大家所想的并不一样，也迅速转变了对这个曾经加密圈偶像的看法。

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周三被泄露的 Alameda 的资产负债表让许多人开始担心其财务状况。如 Cory Klippsten 所言，数据显示SBF 所创立的 Alameda 绝大部分所持有的资产其实都是同为 SBF 所创立的 FTX 的代币，而这一代币同时又被 SBF 的团队以极为中心化的方式管理和增发。

”“

DylanLeClair 也对 Alameda 所流出的资产负债表进行了深入的分析，指出了很多让人所担忧的细节。

Alameda 主要持仓的 FTT 是 FTX 所发行的可以获得交易所内折扣的代币。其总市值仅为 33.5 亿美元，完全稀释市值则为 80 亿美元。对于这样的市场而言，仅仅出售价值 100 万美元的 FTT 代币就会将其整个市场价压低。而 Alameda 持仓的SRM, MAPS, OXY 和FIDA 甚至比 FTT 更差强人意。

”“

我们并不知道 Alameda 的负债是以什么样的形式计价的。如果是美元的话，Alameda 其实面临着巨大的危机，因为其所有的资产都几乎不具有足量的流通性帮助其偿还债务。如果其债务是以其他代币的形式计价的话则形式没有那么严峻，但是依旧不容乐观。

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众所周知在三箭资本破产事件中，Alameda 向破产的Voyager 提供了近 3.7 亿美元的借款。我们很难想象，在持有大量不具有流通性的代币资产的同时，Alameda 到底持有多少以 USD 计价的债务。

”“

情况看起来越来越不乐观。FTX 和 Alameda 在今年夏天市场去杠杆的时刻用尽全力展现其羽毛，但是他们是不是那群在即将褪去的潮水中裸泳的人呢？

”“

我并不知道这个问题的答案，但是这个问题值得被人追问和深思。

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再来一组更刺激的数据：

Alameda 公布的资产：58.2亿美元的 FTT 代币

FTT 代币当前的总市值：33.5亿美元

是不是很靠谱？

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尽管我更希望我们可以拿到 Alameda 官方的资产负债表去核验，但是 CoinDesk 的报告也足够可信了。

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而且我认为没被我们发现的幕后故事还有更多。

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看到这些，我也似乎懂了为什么 SBF 每周都要在Twitter 上为 FTT 喊单了。

”“

FTX 创造了一个具有巨大完全稀释后市值的代币FTT，而他们鼓励更多人买入代币的动机其实是：99%的代币都被1%的巨鲸账户持有，而最大的持有者则是同为 SBF 创立的对冲基金 Alameda Research，且近期其 VC 部门也被合并到 FTX 之中。

”“

那么… 你认为会发生什么呢 ？

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