Another consequence of the FTX collapse.
The summary:
Bybit's exchange token BitDAO BIT suddenly plummeted 20% within an hour, and FTT has also dropped by 20%. In 2021, Alameda Research converted 3.36m FTT (1% of the total) to 100m BIT (1% of the total), but the two sides said that they will not sell within 3 years.
Another off-chain agreement about on-chain stakes.
Yet again, I'm thinking the same thing: why were such agreements not locked inside a smart contract!?
Don't trust, verify.
Don't trust, sign smart contract agreements.