BitDAO asserts evidence of sufficient funding from Alameda

BitDAO asserts evidence of sufficient funding from Alameda QouteCoin

New York City: BitDAO has enquired about Alameda’s commitment to hosting BitDAO as recently as today (BIT). Ben Zhou, a co-founder of Bybit, said in a tweet that while there has been no evidence of misconduct, the BitDAO community would want to see Alameda’s proof of financing. Zhou made this statement despite the fact that there has been no evidence of wrongdoing.

BitDAO and Alameda made a public commitment on November 2, 2021 to hold onto each other’s tokens for a period of three years, or until November 2, 2024. As part of this agreement, they swapped 100 million BIT tokens for 3,362,315 FTT tokens.

The sudden decline in the price of BIT tokens on November 8, 2022, prompted an immediate reaction from the BitDAO community, who assumed that Alameda was selling off the BIT tokens in violation of the three-year mutual no-sale public pledge.

BitDAO asserts evidence of sufficient funding from Alameda QouteCoin

The community of BitDAO made a request for a financial allocation in order to monitor and validate Alameda’s commitment to maintaining BIT coins and to determine the factors that led to a decrease in the price of BIT. BitDAO has proven that it was keeping its part of the agreement by disclosing an address that demonstrates BitDAO Treasury owns all 3,362,315 FTT tokens. This address was published in order to demonstrate that BitDAO Treasury has fulfilled its obligations. In return, the community offered Alameda a window of time of twenty-four hours to demonstrate its commitment.

In the midst of the ongoing conflict between FTX and Binance, Alex Svanevik, CEO of the blockchain analytics company Nansen, analyzed on-chain data and discovered that Mirana Ventures, the venture capital arm of Bybit, had moved 100 million BIT away from FTX. This information came to light as a result of Alex Svanevik’s investigation into the data.

In spite of this, he issued a warning to the community of cryptocurrency users not to accept the stories since it is not always the case that Alameda sells when it withdraws money.

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