This Altcoin Inventor Solves FTX Mystery: Coin Peaks!

A new claim has been made for FTX. This time, the claim in question came from an altcoin inventor. The founder of Stacks (STX), which enables smart contracts and decentralized applications to run in Bitcoin, drew attention with his statement. Here are the details…

Altcoin founder Shea discusses Sam Bankman-Fried’s political affiliations

Stacks co-founder Peter Shea has revealed Sam Bankman-Fried’s complex political affiliations, including his relationship with U.S. Senator Elizabeth Warren, following the recent collapse of FTX. Shea posted on Twitter about Bankman-Fried’s alleged political affiliations.

After their sharing, the price of STX increased by up to 15 percent. But STX is currently changing hands at $0.23. The coin managed to rise from $0.22 to $0.32. It is still among those traded on the green board on a daily basis. Stacks is a layer 1 solution focused on bringing smart contracts and decentralized applications to Bitcoin.

Last week, Stacks’ coin was hit by the sell-off in the cryptocurrency market triggered by the FTX crash. It slumped to its lowest level this year at $0.21 mid-Selloff. However, even as the market remains uncertain, it has rebounded from the $0.21 support twice in one week. According to Shea, Bankman-Fried’s parents – both Stanford law professors – have long been associated with the Democratic Party.

Shea: Warren’s statement is ironic

Shea cited a Fortune article and Warren’s official website. He said the person who helped the senator draft tax return legislation in 2016 was Sam Bankman-Fried’s father, Joe Bankman. His mother, Barbara Fried, is in charge of a political action committee that helps fund Democrats from Silicon Valley companies. According to the Federal Election Commission, Bankman-Fried’s mother donated $15,500 to political candidates in 2022.

Shea said there was an element of irony in the Massachusetts senator’s advocacy of “more aggressive” enforcement and “stronger rules” in the crypto industry in the wake of the FTX debacle. Because Warren did not mention Bankman-Fried’s name in his statement or the $39 million donation he made to his party for the US midterm elections.

Elon Musk also drew attention to the political relationship

Shea was not the only name to draw attention to the political relations in question. As we have reported as Kriptokoin.com, a tweet for this came from Elon Musk. The former CEO of FTX was with Caroline Ellison, CEO of Alameda Research. Ellison’s father, Glenn Ellison, was the boss of US Securities and Exchange (SEC) chairman Gary Gensler while Gensler was teaching a course on Bitcoin at MIT. Also known as SBF, Bankman-Fried graduated from MIT in 2014 with a major in physics.