{"id":68822,"date":"2023-10-04T20:41:39","date_gmt":"2023-10-05T00:41:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sam-bankman-fried-changed-the-rules-for-ftx-employees-when-srm-token-shot-up-in-value-heres-what-happened\/"},"modified":"2023-10-04T20:41:42","modified_gmt":"2023-10-05T00:41:42","slug":"sam-bankman-fried-changed-the-rules-for-ftx-employees-when-srm-token-shot-up-in-value-heres-what-happened","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68822","title":{"rendered":"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here’s What Happened"},"content":{"rendered":"
\n

Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early.<\/p>\n

As Michael Lewis wrote in his SBF-focused book \u201cGoing Infinite,\u201d SBF used his exclusive power to lock up his employee\u2019s Serum (SRM) holdings for seven years longer than initially planned, not allowing them to cash out on their paper profits.<\/p>\n

\u201cIn the fine print of the employee Serum contract, he\u2019d reserved for himself the right to extend Serum\u2019s jail time, and he used it to lock up all employees\u2019 Serum for seven years,\u201d Lewis wrote. He added:<\/p>\n

\n

\u201cThey now understood that if he had changed the rules once, he might do it again. They became less enthusiastic about their Serum.\u201d<\/p>\n<\/blockquote>\n

Serum was a decentralized exchange (DEX) ecosystem on Solana (SOL) that was closely tied to both Bankman-Fried and FTX. As with many token launches, the crypto included a lockup period for founders and employees who received it early as compensation. Such lockup periods are to ensure that founders don\u2019t dump their coin on retail as soon as it gains traction on the market.<\/p>\n

SRM skyrocketed in September 2021 to $13.70, making any employee to whom tokens were allocated at its $1.70 launch price the year prior \u201cridiculously rich,\u201d according to Lewis.<\/p>\n

Illiquid Serum At FTX<\/h2>\n

When FTX went bust in November 2022, the firm\u2019s investment materials revealed that it held about $2.2 billion worth of the token \u2013 more than any other digital asset on its books.<\/p>\n

That number, of course, vastly outstripped the real circulating supply of of SRM, meaning most tokens could not actually sold without destroying its price. SRM now trades for just $0.04 according to CoinMarketCap.<\/p>\n

Binance delisted most of SRM\u2019s trading pairs by the end of November, leaving the crypto\u2019s limited liquidity upheld by a handful of mid-size exchanges. Since FTX\u2019s fallout, the team behind the project initiated a hardfork to distance itself from the control of the collapsed exchange.<\/p>\n

Among other revelations, Lewis stated in his book that SBF planned to pay former president Donald Trump $5 billion to not run for re-election in 2024.<\/p>\n

The author was widely criticized by crypto and financial industry voices for being too light on SBF, failing to understand the evil of his alleged fraud. SBF\u2019s first trial has now begun, where he stands accused of several counts of conspiracy and fraud in connection to FTX.\u00a0
\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early. As Michael Lewis wrote in his SBF-focused book \u201cGoing Infinite,\u201d SBF used his exclusive power to lock up his employee\u2019s Serum (SRM) holdings for seven years longer than initially planned, not allowing […]<\/p>\n","protected":false},"author":1,"featured_media":68823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-68822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here's What Happened | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early.As Michael\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=68822\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here's What Happened | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early.As Michael\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=68822\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-05T00:41:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-05T00:41:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/adobestock-545798276-edit.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=68822#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=68822\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here’s What Happened\",\"datePublished\":\"2023-10-05T00:41:39+00:00\",\"dateModified\":\"2023-10-05T00:41:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=68822\"},\"wordCount\":424,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=68822#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=68822\",\"url\":\"https:\/\/ifintechworld.com\/?p=68822\",\"name\":\"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here's What Happened | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-10-05T00:41:39+00:00\",\"dateModified\":\"2023-10-05T00:41:42+00:00\",\"description\":\"Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early.As Michael\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=68822#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=68822\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=68822#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here’s What Happened\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here's What Happened | iFintechWorld","description":"Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early.As Michael","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=68822","og_locale":"en_US","og_type":"article","og_title":"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here's What Happened | iFintechWorld","og_description":"Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early.As Michael","og_url":"https:\/\/ifintechworld.com\/?p=68822","og_site_name":"iFintechWorld","article_published_time":"2023-10-05T00:41:39+00:00","article_modified_time":"2023-10-05T00:41:42+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/adobestock-545798276-edit.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=68822#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=68822"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here’s What Happened","datePublished":"2023-10-05T00:41:39+00:00","dateModified":"2023-10-05T00:41:42+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=68822"},"wordCount":424,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=68822#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=68822","url":"https:\/\/ifintechworld.com\/?p=68822","name":"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here's What Happened | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-10-05T00:41:39+00:00","dateModified":"2023-10-05T00:41:42+00:00","description":"Sam Bankman-Fried (SBF) was forced to change rules for FTX employees in 2021 when their crypto profits threatened to let them retire early.As Michael","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=68822#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=68822"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=68822#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Sam Bankman-Fried Changed the Rules for FTX Employees When SRM Token Shot Up in Value \u2013 Here’s What Happened"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/68822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68822"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/68822\/revisions"}],"predecessor-version":[{"id":68824,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/68822\/revisions\/68824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/68823"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}