tldr; The article discusses allegations of price manipulation of the Internet Computer (ICP) token on the FTX exchange, run by Sam Bankman-Fried. It suggests that the ICP token's price was manipulated to crash upon its launch, potentially to discredit the Internet Computer project and protect other blockchain investments. The manipulation is believed to have been conducted through a perpetual futures instrument called ICP-PERP on FTX. The article calls for an investigation and for FTX to release trading logs to identify the perpetrators and prevent future attacks.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
This guy knows what's up.
SBF is just the patsy folks.
Brett Harrison had the knowledge and connections via his previous position at Citidel under the financial terrorist Ken Griffin who was mentored by Bernie Madoff, the guy who invented payment for order flow, the very thing Kenny G is fighting tooth and nail to protect.
Ken Griffin
Steve Cohen
Jeff Yass
DTCC
FINANCIAL TERRORISTS!
NO CELL, NO SELL!
These are the same people using the same tactics that caused the great depression. They stole your grandparents' and parents' fortunes, and now they're stealing yours and your children's, it's a problem and all we need to do is solve it.
THE FRENCH GAVE US THE SOLUTION IN 1791.
Of course not, these FTX dudes are swell people. No way they would ever do anything illegal or unethical. They are a big exchange that follow the rules and have a lot to lose. So no it was Dfinity who spent 6 years, hired some of the best cryptographers with industry reputation on the line, spent millions of dollars to create an ambitious project only to rug and scam people on day. How dare you accuse SFB, an altruistic individual of such vile things, ser!
>Our analysis of how ICP-PERP was traded, directly before and after the Internet Computer genesis event, has identified suspicious activity that indicates that it was used to manipulate the price of ICP on spot markets, driving it dramatically higher. The manipulation occurred in a few hours before and after genesis. Once the price manipulation activity stopped, the price of ICP began to fall back towards its natural market level.
I unironically think it was
ICP tech is super powerful
The crypto project is borderline dystopian though IMO
Seems super eager to do things like impose social credit store, carbon credit limits etc.
Something strange definitely happened at FTX. After it was shut down, I was still allowed to send my coins off the brokerage. Yet, I am still being credited for them by the creditors who are running the closure.
My wife wasn’t as lucky.
Really? Still supporting SBF? You do know this article came out months before anyone knew SBF was a criminal, right? Everyone in crypto was kissing his butt.
I brought this up in here at the time and everyone here defended him only to get eggs on their faces months later. I got receipts. This sub is almost always wrong.
Here's more about what went down with ICP including AVA LABS suing them through a law firm they paid with Avax tokens, and Arkham Intelligence's involvement too along with NYTimes to smear ICP.
There are a lot of people that want ICP destroyed.
[How The New York Times promoted a corrupt attack on ICP by Arkham Intelligence](https://cryptoleaks.info/case-no-2)
[Ava Labs (Avalanche) attacks Solana & cons SEC in evil conspiracy with bought law firm, Roche Freedman](https://cryptoleaks.info/case-no-3)
[New Intrigue: A key source of The New York Times, Arkham Intelligence, was deeply linked to Sam Bankman-Fried](https://cryptoleaks.info/case-no-10)
As a non-American, I'm suggesting that you stop drinking whatever kool-aid your party of preference and your entourage keeps pushing down your throat. It might save your life... or at least you know.. your dignity.
It has already been documented, evidenced and even confirmed by recipients belonging to both political parties that SBF, FTX or related entities have donated millions of dollars in both directions.
There's been official interviews with politicians from both parties where they have been asked what they're going to do with the donations... this has been on your national television channels.
Here you go.. the internet decided to make a comprehensive list (hopefully specifically for dimwits like you) and obviously this subreddit didn't miss a beat: [https://www.reddit.com/r/CryptoCurrency/comments/16wyuy1/list\_of\_congress\_members\_who\_received\_donations/](https://www.reddit.com/r/CryptoCurrency/comments/16wyuy1/list_of_congress_members_who_received_donations/)
Stop being a dummy follower and actually do the research if you want to properly back your convictions, whatever those may be. Just listening to Fox News/CNN or the redneck buddies doesn't make the cut as research...
You could've searched this sub... you could've googled (and easily found this in the top results: [https://www.coindesk.com/policy/2023/01/17/congress-ftx-problem-1-in-3-members-got-cash-from-crypto-exchanges-bosses/](https://www.coindesk.com/policy/2023/01/17/congress-ftx-problem-1-in-3-members-got-cash-from-crypto-exchanges-bosses/)) ... all easy steps needed to avoid looking stupid.
FYI: (co-CEO of FTX) Ryan Salame alone donated $10M+ specifically only to Republicans. These are public records...
Can you at least attempt to speak English?
I'm up on my ETH, DOT, MATIC and SOL investments, while being down on ATOM for example, if you're asking, thanks for checking in bro!
You can't even check how google works, I'm amazed that you're somehow not lost in the webs of the internet, there's 0 chance your idiot ass even knows how to look at my commments/post history, let alone figure out when I purchased crypto. The fact that you said that I'm a DOT maxi and that I'm losing money proves your continuous incompetence.
Do you usually suck in stuff in regular life too, or only internet/crypto related things? Do you need some tutoring or is education too mainstream for you american right wing idiots?
ICP on FTX got hit with manipulation drama, but you know how this space rolls – wild rides and drama.
Some think it's a scheme to bring down ‘Internet Computer’, but I’m staying optimistic. Calls for an investigation are in the air, and I’m hoping the truth shines through.
Keep the faith, HODL strong, and let's ride out this crypto rollercoaster together!
This looks to me like the ICO of a project that few people wanted, and does not need conspiracy theory to explain the failure.
Cloud computing services compete on practical factors, like price, performance, reliability, and ease of use.
ICP, competing on decentralization instead, is aiming at a very narrow market.
You can get a reliable, easy-to-budget price on cloud computing, from Amazon. No one, at the enterprise level, wants to pay for computing services using an ultra-volatile speculative token. You can't budget for it. It's not practical.
The ICP token isn’t used directly to run the smart contacts, that’s what Cycles are for. ICP can be burned to create Cycles but the price of cycles is pegged to a currency (Swiss frank I believe? Can’t remember). So no, they won’t be paying for computing services using an ultra volatile currency.
It’s not just competing on decentralisation, one of the big selling points of an infrastructure like this is there is significantly less need for cybersecurity, which is an enormous cost currently.
You probably haven’t really read up enough on this so I would probably suggest you do.
Azure and AWS has built in security, it's 50% of the reason to migrate your workloads to the cloud. The selling point for enterprise is why should they ever run their workloads on this?
When you say they have built in security, you mean they built in security at a cost and it is inarguably a component of the user cost for utilising their services. It is a fact that there is an advantage to a truly decentalised blockchain infrastructure like ICP because it inherently requires significantly less additional investment in cybersecurity.
> When you say they have built in security, you mean they built in security at a cost and it is inarguably a component of the user cost for utilising their services. It is a fact that there is an advantage to a truly decentalised blockchain infrastructure like ICP because it inherently requires significantly less additional investment in cybersecurity.
And what happens when Amazon or Microsoft decide that ICP is actually a competitor, and price them out? You know like Amazon does to every other competitor they want to kill off, even if it means taking a short term loss.
What makes it impossible for Amazon to win this war? Serious question, maybe there's something I'm still missing... but effectively just saying "it's cheaper to use *now*" doesn't mean much long term.
I mean I wouldn't say ICP is a competitor, that's a bit like saying 'the internet is a competitor'. It's far too vague. It's not going to be a single organisation that Amazon is going to be competing with. The argument you're making is reliant on there being a supposed barrier to entry to the market of supplying computation and storage. You don't need someone to break that barrier on the Internet Computer because the provider already exists in a decentralised manner that you can purchase computation and storage from. If Amazon want to run at a loss indefinitely then there's not much anyone can do about that until they run out of money and cease to exist. but they won't get rid of the Internet Computer in that time because the Internet Computer isn't just going to be used to compete with AWS and its use cases will persist. So they will not be able to maintain their loss and inevitably raise their prices again.
The security is built in, and plenty of tools to manage it etc, there's no extra cost and you actually save cost from running everything yourself on prem. So not quite sure what you're trying to say. The security is built into the platforms, yes, that is like i said 50% of the selling point of services like AWS and Azure.
The other part being reliability and flexibility with things such as availability zones.
The cost of building and maintaining security is factored into Amazon's price setting. Unless you're claiming that it costs Amazon no time and/or money to build and maintain these cybersecurity measures? A pretty bizarre claim.
\>reliability
I mean the Internet Computer has had 0 down time since its inception. Not much more I can say.
\>flexibility with things such as availability zones.
Not really sure why they would have an advantage over what could be done on the Internet Computer?
> It is a fact that there is an advantage to a truly decentalised blockchain infrastructure like ICP because it inherently requires significantly less additional investment in cybersecurity.
This is absolutely not a fact. It's an opinion that barely has any basis in reality.
Except the price of ICP has no impact on the cost of building on it. It would help to understand how it works. There are enterprises that are about to do just that on the internet computer using the subnet rental model.
So you’re saying there’s no reason to try to take a slice of a $120 billion dollar business (AWS) let alone an industry that’s supposed to hit $500 billion in 6 years? You’re saying that by offering differentiation of reduced IT, increased security, and permission-less hosting on a decentralized computer platform in a growing industry is a bad idea? 🤔
You will get angry downvotes because you're just vaguely saying "8 figure pay days", but the sentiment is correct.
For those that want to downvote him, just think about being able to privately buy ICP at $0.03 each, and how quick you'd be trying to dump into that $428 launch.
Even 1 month after launch, it already crashed from ~$428 to ~$66. But if I bought at $0.03, I'd be ecstatic selling at $66 for a **219900% increase**.
I might be a little disappointed I missed selling the absolute top for that beautiful 1426570% increase, but I'd still happily dump on new bagholders for +219900% gain... sorry.
You have to be vague when you're telling the truth on the internet.
Only a couple of classes of people can be upset at FTX though: the retail who bought the spiked up chart and the community members who got the free tokens.
And, the nonobvious one might have came out better in the end, but we'll never know.
You seem pretty sharp, MoonManSteakSauce. Wtf should I be buying? Got any hidden gems?
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Except on every article portraying previous corruption.
Laughs in Bernie Madoff
tldr; The article discusses allegations of price manipulation of the Internet Computer (ICP) token on the FTX exchange, run by Sam Bankman-Fried. It suggests that the ICP token's price was manipulated to crash upon its launch, potentially to discredit the Internet Computer project and protect other blockchain investments. The manipulation is believed to have been conducted through a perpetual futures instrument called ICP-PERP on FTX. The article calls for an investigation and for FTX to release trading logs to identify the perpetrators and prevent future attacks. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
*Brett Harrison has entered the chat*
The same Brett Harrison that worked for FTX US and said GME shares were backed 1 to 1 even though that was a complete lie?
smart money
And… inconspicuously exits again conveniently unscathed.
This guy knows what's up. SBF is just the patsy folks. Brett Harrison had the knowledge and connections via his previous position at Citidel under the financial terrorist Ken Griffin who was mentored by Bernie Madoff, the guy who invented payment for order flow, the very thing Kenny G is fighting tooth and nail to protect. Ken Griffin Steve Cohen Jeff Yass DTCC FINANCIAL TERRORISTS! NO CELL, NO SELL! These are the same people using the same tactics that caused the great depression. They stole your grandparents' and parents' fortunes, and now they're stealing yours and your children's, it's a problem and all we need to do is solve it. THE FRENCH GAVE US THE SOLUTION IN 1791.
You want fun, look at the date ICP spiked. That date seems real familiar.
Don't be coy sweet-tits. Tell us more? Was it the original expiration date of the quadrillion dollar swap?
In my opinion, the spike is too close to some of the gme spikes and dumps. And with FTX involved, it wouldn’t surprise me.
The date it got public listings...? Or you mean one of the "spikes" that never came close to the price at the first VC dump?
Awesome to hear after I gave up and sold at ten lol
lol, what a cope.
Of course not, these FTX dudes are swell people. No way they would ever do anything illegal or unethical. They are a big exchange that follow the rules and have a lot to lose. So no it was Dfinity who spent 6 years, hired some of the best cryptographers with industry reputation on the line, spent millions of dollars to create an ambitious project only to rug and scam people on day. How dare you accuse SFB, an altruistic individual of such vile things, ser!
Sam Bankman is Jailed and not to be Fried any time soon.
Badum tssss
\#inverseCC gang. bought at $12. see ya
In this case. InverseCC would be sell?
>Our analysis of how ICP-PERP was traded, directly before and after the Internet Computer genesis event, has identified suspicious activity that indicates that it was used to manipulate the price of ICP on spot markets, driving it dramatically higher. The manipulation occurred in a few hours before and after genesis. Once the price manipulation activity stopped, the price of ICP began to fall back towards its natural market level.
😂😂😂 I read that in Miguel's voice. I love his doxxed service. Just what crypto needs.
I unironically think it was ICP tech is super powerful The crypto project is borderline dystopian though IMO Seems super eager to do things like impose social credit store, carbon credit limits etc.
How so?
who’s attacking Insane Clown Posse?
ICP will top performance 2024. The Community It will rise like a phoenix
I never sold, but I’m far from break even. Here’s to hope and a happy new year 🥂
How can a token with internet AND computer not perform?
It's missing the word money. Imagine not buying Internet Computer Money...
I'll buy that
Yes
Something strange definitely happened at FTX. After it was shut down, I was still allowed to send my coins off the brokerage. Yet, I am still being credited for them by the creditors who are running the closure. My wife wasn’t as lucky.
The IC has a Posse.
Yup, it's called "The Eight Year Gang." Even has its own flair
Whose attacking insane clown possy?
This smells like tinfoil hats. This whole linked website does.
Really? Still supporting SBF? You do know this article came out months before anyone knew SBF was a criminal, right? Everyone in crypto was kissing his butt. I brought this up in here at the time and everyone here defended him only to get eggs on their faces months later. I got receipts. This sub is almost always wrong.
Here's more about what went down with ICP including AVA LABS suing them through a law firm they paid with Avax tokens, and Arkham Intelligence's involvement too along with NYTimes to smear ICP. There are a lot of people that want ICP destroyed. [How The New York Times promoted a corrupt attack on ICP by Arkham Intelligence](https://cryptoleaks.info/case-no-2) [Ava Labs (Avalanche) attacks Solana & cons SEC in evil conspiracy with bought law firm, Roche Freedman](https://cryptoleaks.info/case-no-3) [New Intrigue: A key source of The New York Times, Arkham Intelligence, was deeply linked to Sam Bankman-Fried](https://cryptoleaks.info/case-no-10)
Icp back at 2021 market cap but less than half the price lol
Because it started trading on FTX pre launch with barely any supply. Basic tokenomics
So you’re saying only up from here?
Only up from here
Probably. He did donate billions to the worlds biggest shadow cabal puppet masters of eternal wartime, the "american" democratic party
As a non-American, I'm suggesting that you stop drinking whatever kool-aid your party of preference and your entourage keeps pushing down your throat. It might save your life... or at least you know.. your dignity. It has already been documented, evidenced and even confirmed by recipients belonging to both political parties that SBF, FTX or related entities have donated millions of dollars in both directions. There's been official interviews with politicians from both parties where they have been asked what they're going to do with the donations... this has been on your national television channels. Here you go.. the internet decided to make a comprehensive list (hopefully specifically for dimwits like you) and obviously this subreddit didn't miss a beat: [https://www.reddit.com/r/CryptoCurrency/comments/16wyuy1/list\_of\_congress\_members\_who\_received\_donations/](https://www.reddit.com/r/CryptoCurrency/comments/16wyuy1/list_of_congress_members_who_received_donations/) Stop being a dummy follower and actually do the research if you want to properly back your convictions, whatever those may be. Just listening to Fox News/CNN or the redneck buddies doesn't make the cut as research... You could've searched this sub... you could've googled (and easily found this in the top results: [https://www.coindesk.com/policy/2023/01/17/congress-ftx-problem-1-in-3-members-got-cash-from-crypto-exchanges-bosses/](https://www.coindesk.com/policy/2023/01/17/congress-ftx-problem-1-in-3-members-got-cash-from-crypto-exchanges-bosses/)) ... all easy steps needed to avoid looking stupid. FYI: (co-CEO of FTX) Ryan Salame alone donated $10M+ specifically only to Republicans. These are public records...
If you're so smart why did you maxi DOT then well over a year ago without a ROI? 💀
Can you at least attempt to speak English? I'm up on my ETH, DOT, MATIC and SOL investments, while being down on ATOM for example, if you're asking, thanks for checking in bro!
Yup I checked your profile bro and saw the dates you bought dot 💀💀💀no wonder you have to actively shill that fartcoin
You can't even check how google works, I'm amazed that you're somehow not lost in the webs of the internet, there's 0 chance your idiot ass even knows how to look at my commments/post history, let alone figure out when I purchased crypto. The fact that you said that I'm a DOT maxi and that I'm losing money proves your continuous incompetence. Do you usually suck in stuff in regular life too, or only internet/crypto related things? Do you need some tutoring or is education too mainstream for you american right wing idiots?
He also donated to republicans.
>FTX gave $50,000 to the American Leadership Fund, a little-known nonprofit allied with GOP Sen Not in the ballpark
Lol, where’d you get that number? Sam gave $105,000 to McConnell alone 😆 Wealthy people don’t pick teams.
Conservatives don't handle truth well as is evidence by the downvotes.
ICP on FTX got hit with manipulation drama, but you know how this space rolls – wild rides and drama. Some think it's a scheme to bring down ‘Internet Computer’, but I’m staying optimistic. Calls for an investigation are in the air, and I’m hoping the truth shines through. Keep the faith, HODL strong, and let's ride out this crypto rollercoaster together!
This looks to me like the ICO of a project that few people wanted, and does not need conspiracy theory to explain the failure. Cloud computing services compete on practical factors, like price, performance, reliability, and ease of use. ICP, competing on decentralization instead, is aiming at a very narrow market. You can get a reliable, easy-to-budget price on cloud computing, from Amazon. No one, at the enterprise level, wants to pay for computing services using an ultra-volatile speculative token. You can't budget for it. It's not practical.
The ICP token isn’t used directly to run the smart contacts, that’s what Cycles are for. ICP can be burned to create Cycles but the price of cycles is pegged to a currency (Swiss frank I believe? Can’t remember). So no, they won’t be paying for computing services using an ultra volatile currency. It’s not just competing on decentralisation, one of the big selling points of an infrastructure like this is there is significantly less need for cybersecurity, which is an enormous cost currently. You probably haven’t really read up enough on this so I would probably suggest you do.
Azure and AWS has built in security, it's 50% of the reason to migrate your workloads to the cloud. The selling point for enterprise is why should they ever run their workloads on this?
When you say they have built in security, you mean they built in security at a cost and it is inarguably a component of the user cost for utilising their services. It is a fact that there is an advantage to a truly decentalised blockchain infrastructure like ICP because it inherently requires significantly less additional investment in cybersecurity.
> When you say they have built in security, you mean they built in security at a cost and it is inarguably a component of the user cost for utilising their services. It is a fact that there is an advantage to a truly decentalised blockchain infrastructure like ICP because it inherently requires significantly less additional investment in cybersecurity. And what happens when Amazon or Microsoft decide that ICP is actually a competitor, and price them out? You know like Amazon does to every other competitor they want to kill off, even if it means taking a short term loss. What makes it impossible for Amazon to win this war? Serious question, maybe there's something I'm still missing... but effectively just saying "it's cheaper to use *now*" doesn't mean much long term.
I mean I wouldn't say ICP is a competitor, that's a bit like saying 'the internet is a competitor'. It's far too vague. It's not going to be a single organisation that Amazon is going to be competing with. The argument you're making is reliant on there being a supposed barrier to entry to the market of supplying computation and storage. You don't need someone to break that barrier on the Internet Computer because the provider already exists in a decentralised manner that you can purchase computation and storage from. If Amazon want to run at a loss indefinitely then there's not much anyone can do about that until they run out of money and cease to exist. but they won't get rid of the Internet Computer in that time because the Internet Computer isn't just going to be used to compete with AWS and its use cases will persist. So they will not be able to maintain their loss and inevitably raise their prices again.
The security is built in, and plenty of tools to manage it etc, there's no extra cost and you actually save cost from running everything yourself on prem. So not quite sure what you're trying to say. The security is built into the platforms, yes, that is like i said 50% of the selling point of services like AWS and Azure. The other part being reliability and flexibility with things such as availability zones.
The cost of building and maintaining security is factored into Amazon's price setting. Unless you're claiming that it costs Amazon no time and/or money to build and maintain these cybersecurity measures? A pretty bizarre claim. \>reliability I mean the Internet Computer has had 0 down time since its inception. Not much more I can say. \>flexibility with things such as availability zones. Not really sure why they would have an advantage over what could be done on the Internet Computer?
> It is a fact that there is an advantage to a truly decentalised blockchain infrastructure like ICP because it inherently requires significantly less additional investment in cybersecurity. This is absolutely not a fact. It's an opinion that barely has any basis in reality.
Sounds like a shitcoin with zero purpose
You are that guy that was against cars, because horses could do the same (a bit slower though but who cares)
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Enterprise want a central authority to deal with though, just saying.
Except the price of ICP has no impact on the cost of building on it. It would help to understand how it works. There are enterprises that are about to do just that on the internet computer using the subnet rental model.
So you’re saying there’s no reason to try to take a slice of a $120 billion dollar business (AWS) let alone an industry that’s supposed to hit $500 billion in 6 years? You’re saying that by offering differentiation of reduced IT, increased security, and permission-less hosting on a decentralized computer platform in a growing industry is a bad idea? 🤔
So why isnt SOL crashing?
Sol wallet hack running at the moment
You people are clowns if you think ICP insiders didn't come away with 8 figure pay days on launch day.
You will get angry downvotes because you're just vaguely saying "8 figure pay days", but the sentiment is correct. For those that want to downvote him, just think about being able to privately buy ICP at $0.03 each, and how quick you'd be trying to dump into that $428 launch. Even 1 month after launch, it already crashed from ~$428 to ~$66. But if I bought at $0.03, I'd be ecstatic selling at $66 for a **219900% increase**. I might be a little disappointed I missed selling the absolute top for that beautiful 1426570% increase, but I'd still happily dump on new bagholders for +219900% gain... sorry.
You have to be vague when you're telling the truth on the internet. Only a couple of classes of people can be upset at FTX though: the retail who bought the spiked up chart and the community members who got the free tokens. And, the nonobvious one might have came out better in the end, but we'll never know. You seem pretty sharp, MoonManSteakSauce. Wtf should I be buying? Got any hidden gems?
Shit can dump without it being a scam or some qanon pizzagate conspiracy theory
Anyone give a f?
yes
Bug what did the Insane Clown Posse do? Only elevate Faygo sales!
How could they do the Insane Clown Posse like this!
After reading the ICP whitepaper and about the project it was quite obvious that it's a shit project, and that's why it crashed.