Analyst Announcing FTX Crash: Don’t Buy This Altcoin!

A well-known Youtube analyst, who foreshadowed the FTX collapse, says that the new danger will come from the Tron ecosystem.

Bitboy strikes out about USDD after FTX crash

Yotutuber, with 1.44 million subscribers, said in his most recent tweets, “GET OUT OF USDD NOW.” The crypto analyst says that USDD, the stablecoin of the Tron network, is not a believer. In his post, FTX CEO SBF and Tron founder Justin Sun listed the attacks in the middle. He also said that no stablecoin on the market is faithful.

Ben “Bitboy” Armstrong advises staying out of the market until the dust of the FTX crash is gone. Earlier, he had repeatedly spoken negatively about CEO Sam Bankman-Fried. In particular, the crypto phenomenon claims that the SBF is lobbying the authorities for the law. He also said in his previous tweets that he would reveal many other evil acts. In late October, he claimed that FTX would victimize its users after exploiting the exchange API.

Bitboy’s strikes come after arguments that SBF-founded Alameda is selling USDD to provide liquidity. FTX tried every method to collect liquidity when faced with heavy withdrawals after rumors about it. According to rumors, these include selling a large amount of USDD stablecoins.

USDD, the stablecoin of the Tron network, is currently unstable in the dollar. It fell by around 1.6% on the day to as low as $0.96.

In the midst of this, it is worth mentioning that the Tron DAO Reserve has not been honest about how USDD is being supported. Information from JustLend, which provides data on the network’s TVL volume, suggests that USDD could fluctuate further as the prices of BTC and TRX fall. In summary, there is almost currently only 113% coverage ratio against the 283% claimed by the Tron DAO Reserve.

In another tweet, Bitboy argues that SBF will threaten to sell and destabilize USDD unless it gets a foothold from Justin Sun. In particular, Ripple Chief Technology Officer David Schwartz tweeted that Bitboy had warned about the FTX collapse in advance.

Summary of the crisis As you follow, Binance has announced that it will sell its FTT tokens due to ‘recent disclosures’. On top of that, the CEO of Alameda offered to buy what Binance had. After CZ refused, saying they wanted to remain a free market, FTX faced a liquidity crisis over requests for massive withdrawals from investors. SBF made statements saying that everything is fine these days. Then the funds sold to meet the demand were insufficient. In the aftermath of the crisis, the price of FTT and the crypto market fell hard. He took action to buy the rival exchange on Binance. Later, due to regulatory fuss, it reversed this decision. SBF tweeted recently that he regretted his shortcomings.

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