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Do Kwon, Miles Deutscher and Bitboy Crypto Dissect the FTX Crash

12 Nov, 20222 min readRegulation
Do Kwon, Miles Deutscher and Bitboy Crypto Dissect the FTX Crash

Miles Deutscher, an Australian influencer and crypto expert, previously discussed the FTX crash and said in a tweet that “LUNA collapse caused all this.” Do Kwon highlighted in his response to Miles that there is still no proof that the troubled FTX was exposed to LUNA.

“Miles – respectfully, this isn’t supported by evidence. First off, there is no evidence that FTX had exposure to LUNA (they denied it), and 3AC bought 109M worth of Luna from a multibillion dollar balance sheet and afaik had no exposure to ust. Let’s try to stick to facts.”

LUNA collapsing caused all this.3AC CelsiusVoyagerFTXThe ongoing effects will be felt for a long time.— Miles Deutscher (@milesdeutscher) November 10, 2022

Do Kwon also said that the now-defunct cryptocurrency hedge fund 3AC only owned $109M worth of LUNA despite having a balance sheet worth billions of dollars, implying that their LUNA ownership was incapable of having an adverse effect on them that would cause them to fail. Kwon also made note of 3AC’s lack of UST holdings.

Kwon’s remark led Deutscher to acknowledge that neither Terra nor Kwon were personally accountable for the FTX debacle.

“That’s not to say that you directly caused FTX’s downfall (that would be untrue as SBF is responsible for his own decisions. But UST’s collapse kickstarted an unfortunate series of events,” Miles said.

It is important to note that 3AC’s crash caused a chain reaction that caused Voyager Digital to file for bankruptcy since the hedge fund was unable to repay the more than $670 million loan it owed Voyager.

Bitboy crypto says otherwise

I understand why you believe this. But it goes back to what caused LUNA. SBF/Alameda was behind EVERY SINGLE crash/collapse this year. Even target was a Solana/FTX competitor. Think about it.Hopefully going to deliver hard evidence on this soon. — Ben Armstrong (@Bitboy_Crypto) November 10, 2022

“I understand why you believe this. But it goes back to what caused LUNA. SBF/Alameda was behind EVERY SINGLE crash/collapse this year. Even target was a Solana/FTX competitor. Think about it. Hopefully going to deliver hard evidence on this soon,” asserted Bitboy.

He also claimed that all of the mishaps the crypto sector has experienced this year can be attributed to SBF and Alameda.

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