Message to our community. As you have seen, the FTX and Alameda situation brings a lot of uncertainty and risk to the market.
10 Nov 2022, 10:15
Message to our community
As you have seen, the FTX and Alameda situation brings a lot of uncertainty and risk to the market. It is our duty to tell you more about our situation.
First of all, we reassure you that UpBots and SuperBots are still very much alive and well and will not stop. The team is working hard to secure and ensure the continuity of our services and the current situation has proven once again that solutions like SuperBots are essential for our industry and that centralization is a risk for everyone.
Before the official announcement was made about the withdrawal of Binance from the deal with FTX, we had information from sources close to the matter about the withdrawal and the implications at Alameda. It seemed important to salvage what could be salvaged before Alameda's actions, which was reported to us by our contacts, and since a significant portion of our funds were on the FTX platform for reasons of liquidity, testing, payment and contractual obligations.
Indeed, following the announcement and according to our sources, in the absence of a deal, it is likely that Alameda is looking to liquidate many positions.
As a result, part of our liquidity was effectively sold on SushiSwap, with the objective of reducing Alameda's liquidity before liquidation, to preserve jobs and the continuity of the project, but also to make a potential sale by Alameda complicated. Indeed, by withdrawing most of our liquidity from DEX, leaving them as the main provider of liquidity on Sushi, they no longer have the possibility to sell without a joint agreement with us. It is likely that these tokens are now blocked until an agreement is reached with us, which is ultimately normally positive for the token holders & investors.
Similarly, we have stopped our MM on FTX and temporarily limited on Kucoin to facilitate the securing of capital pending their actions.
This was obviously a hard decision, but by doing so, we are helping to limit the impact and risk that Alameda represents in a very important way and securing the future of UpBots, hopefully with further healthy growth, without an investor who has played against us in recent months - we have discovered that the previous falls are mainly due to Alameda and we have found irregularities in trading but we can't say more at this time.
We are doing everything in our power to minimize the risks caused by FTX and Alameda and the frauds they have engaged in. Our will is to continue, with you and we join you in your anger over the manipulations we have been victims of, by UpBots or personally.
We continue and we will rise stronger! With new partners, for new solutions, new products and an even stronger tokenomic, and we are sure that the decentralized solution SuperBots is the future of the trading of crypto. Focus will be on this.
The UpBots Team