Coinbase Exec Says SBF Was Behind 2022’s stETH De-peg
CoinEdition
Published Jan 30, 2023 08:19AM ET
Updated Jan 30, 2023 09:00AM ET
Coinbase Exec Says SBF Was Behind 2022’s stETH De-peg
- Coinbase (NASDAQ:COIN) director Conor Grogan believes Sam Bankman-Fried and Alameda were behind 2022’s stETH de-peg.
- The de-peg is believed to have led to a bank run on Celsius last year.
- On-chain evidence published by Grogan indicates that wallets associated with SBF contributed to the de-peg.
Conor Grogan, Director at Coinbase, has alleged that Sam Bankman-Fried and his quantitative trading firm Alameda Research were directly involved in a series of trades that led to the de-pegging of staked Ether (stETH) in June last year.
This de-pegging was previously identified as one of the contributing factors in the bank run of the bankrupt crypto lender Celsius Network. It is also associated with the downfall of the now-defunct crypto hedge fund Three Arrows Capital (3AC).
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Written By: CoinEdition
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