[ARCHIVED] Update on BIP-4 (Swap BIT for FTT)

Background

BIP-4 was approved on October30, 2021. A summary of the proposal and subsequent actions is as follows:

  • BitDAO swapped 100M $BIT with Alameda for 3362315 $FTT, this swap was completed on November 2, 2021 via the following transactions Tx1, Tx2, Tx3.

  • There is a public commitment not to sell each other’s tokens for 3 years (November 2, 2024).

Current Situation

BitDAO has held all 3362315 $FTT in the BitDAO Treasury.

The Request

In light of recent volatility and news, we propose that we allow the community to monitor and verify that the parties to BIP-4 are following their commitment to the community.

The BitDAO x $FTT portion is being held in the BitDAO Treasury.

For the Alameda x $BIT portion, the preferred method is for Alameda to transfer the 100M $BIT tokens to an on-chain (non-exchange) address for the BitDAO community to verify, and hold until the end of the agreement.

We request this be completed within 24 hours.

If this request is not fulfilled, and if sufficient alternative proof or response is not provided, it will be up to the BitDAO community to decide (vote, or any other emergency action) how to deal with the $FTT in the BitDAO Treasury.

Analysis

Note: the below analysis is to provide additional information to the BitDAO community only. It does not suggest that tokens were either held or sold.

November 2, 2021 - Alameda receives 100M BIT (Tx3)

December 8, 2021 - Alameda transfers 100M BIT to FTX deposit address (Tx4), which is further transferred to FTX_Exchange_Address_6ad2 (Tx5)

Etherscan analysis of one FTX_Exchange_Address_6ad2 $BIT holdings over time: (Link)

8 Likes

Now showing up in the wallet

https://etherscan.io/address/0x84d34f4f83a87596cd3fb6887cff8f17bf5a7b83#tokentxns

Would be interested to hear some peoples thoughts

This post was flagged by the community and is temporarily hidden.