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Quarterly Market Recap: Q4 2022 - [Web3 Breakdowns, EP.53]

Making Markets

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CZ Announces He's Going to Sell FTX

Sam was getting heat because he was negotiating the digital act, like what Congress would try to pass. When people got wind of a leak draft, they read it and believe that DeFi would be excluded. So then CZ announces on Twitter that he's going to sell. That causes a drop in the token, which causes a crisis of confidence,. Cause a run on FCX. And this point, nobody yet believes that FTX is a fraud. They just believe it's being attacked.

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