In a recent podcast, co-founders of a leading cryptocurrency firm revealed that the now-bankrupt FTX exchange engaged in market manipulation, harming some projects while benefiting others.
Beniamin Mincu, Lucian Mincu, and Lucian Todea discussed how FTX artificially inflated the price of MultiversX tokens before dumping and shorting them, which contributed to EGLD’s volatility and significantly impacted the project.
Lucian Mincu shared that many industry peers reported similar negative experiences with FTX, and he had not encountered anyone who had a positive opinion of the exchange or its trading firm, Alameda.
Investigations into Sam Bankman-Fried’s practices suggest that his actions may have contributed to the downfall of cryptocurrencies like TerraUSD and Terra, while benefiting FTX-connected projects.
The podcast detailed how FTX initially drove EGLD’s price up by buying large amounts for staking on the Maiar Exchange, but later sold EGLD and shorted it, causing the price to drop from a peak of $540 to as low as $21.42.
While FTX’s manipulation contributed to MultiversX’s struggles, broader economic pressures also played a role. As discussions around a potential new bull market emerge, the podcast highlights the need for investors to learn from these past events.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.
The latest market turbulence, fueled by geopolitical tensions and investor fear, offered a textbook case of how sentiment swings and whale behavior shape crypto price action.
Jefferies chief market strategist David Zervos believes an upcoming power shift at the Federal Reserve could benefit U.S. equity markets.