Solend Founder Criticizes Alameda Research For Illegal Profits Of $80 Million From Solend IDO

October 25, 2022 - Around 2 mins mins to read

Solend Founder, Rooter, revealed in a tweet that Alameda Research, an SBF-affiliated asset management firm, unexpectedly withdrew $80 million at the last minute prior to its IDO. Solend ends, in order to maximize its benefits in a way that hurts Solend.

On October 25, Rooter, the founder of Solend, the Solana lending project, shared in a tweet that Alameda Research manipulated the token price in the Solend IDO.

https://twitter.com/0xrooter/status/1584559179032772608

According to the share, during the Solend IDO in early November 2021, two addresses affiliated with Alameda Research pushed Solend’s FDV (Fully Diluted Valuation) to $2.5 billion by buying $40 million each code on the first day.

That action brought the total raised to more than $100 million to “shoo off” retail investors by raising prices, and withdrawing $80 million at the last minute of day two of IDO, Solend eventually raised $26 million.

Rooter also said: “Alameda’s actions reflect SBF’s ideology “profit absolves all sin” the ends justify the means.”

Neither Alameda Research nor Sam Bankman-Fried have commented on the allegations yet.

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