Instead of selling people tokens for vaporware, SBF used his trading firm to be a net buyer of his own sh*tcoins. He then used those holdings to leverage up, and take out cash loans. This was a repeat strategy for SBF, which he seemingly did multiple times with tokens like Serum (SRM), Maps (MAPS), Oxy (OXY) and FTT — tokens now known as “Sam Coins” because of his sizable ownership and direct control over the supply. At one point, afraid his own employees had grown too rich, he reportedly changed the vesting schedule of SRM to keep them working.

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Author: Daniel Kuhn

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