Leaks Reveal Crypto CEOs Are Preparing For A $65 Billion Earthquake From Bitcoin And The Price Of Ethereum

Bitcoin BTC, ethereum, and the rest of the cryptocurrency market have been hit hard by this year’s devastating price crash (and could be about to take another hit).

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Bitcoin fell to around $17,000, sending down the price of Ethereum, causing chaos for cryptocurrency companies and forcing the CEO of Coinbase to issue a serious warning.

Now, after the sudden collapse of major cryptocurrency exchange FTX, leaks have revealed that the CEOs of some of the largest cryptocurrency companies fear that the cryptocurrency crisis could destabilize the $65 billion dollar-pegged stablecoin, potentially wreaking havoc on the price of Bitcoin, Ethereum, and other cryptocurrencies.

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“Stop trying to unpeg stablecoins,” Binance CEO Changpeng “CZ” Zhao reportedly told FTX founder Sam Bankman-Fried in the Signal messaging group, according to messages seen by the New York Times NYT and the Wall Street Journal. “And stop doing anything. Now stop, do no more harm.”

Bankman-Fried reportedly responded by denying that his bankrupt trading firm, Alameda Research, was trying to dump its dollar price, something that would likely send down the price of bitcoin, ethereum, and an already damaged cryptocurrency market by about $800 billion.

“Transactions of this magnitude would not have a material impact on Tether prices, and to the best of my knowledge, neither Alameda nor I have ever attempted to untether Tether or any other stablecoins,” Bankman-Fried said in a statement to the Wall Street Journal. : “Are you claiming that you think trading $250,000 worth of USDT will break it?”

The Wall Street Journal reports that Signal’s group chat, which includes Tether issuance chief technology officer Paolo Ardoino, rival exchange CEO Jesse Powell, and Tron founder Justin Sun, is called an “exchange coordination.”

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MORE FORBES Leaked Twitter code reveals a secret crypto bomb, raising serious questions about Bitcoin and Dogecoin

The bitcoin price has fallen sharply over the past year, dropping to around $17,000 per bitcoin from… [+] It peaked at nearly $70,000 per bitcoin last year.

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FTX’s sudden crash in November came after months of bitcoin, ethereum, and cryptocurrency prices crashing this year, causing the algorithmic stablecoin terraUSD and its supporting coin Luna to implode, setting off a chain reaction that is still being felt.

The stablecoin market, led by Tether, Circle’s USDC and Binance’s BUSD BUSD, has ballooned to a combined value of around $150 billion over the past few years. Stablecoins, most of which are pegged to the price of the US dollar, act as grease for the wheels of the cryptocurrency market, helping money flow out of the traditional financial system.

Earlier this week, Semaphore reported that Tether “looks shaky,” quoting a hedge fund trader who claimed that expectations are high that Tether will be the next victim of the cryptocurrency market.

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