1/ So basically SBF was using his own token $FTT as collateral in a flywheel scheme, allegedly misusing/gambling user deposits.
#CoinDesk published #AlamedaResearch's balance sheet which showed the extent they were using $FTT as collateral.
#CoinDesk published #AlamedaResearch's balance sheet which showed the extent they were using $FTT as collateral.
2/ #cz_binance was pushed into selling his $FTT holdings which made everyone question #FTX solvency.
A bankrun started and when everyone tried to withdraw it became clear that #FTX did not have enough funds to cover all the deposits.
A bankrun started and when everyone tried to withdraw it became clear that #FTX did not have enough funds to cover all the deposits.
3/ I am trying to find another logical explanation different from #FTX gambling with user funds.
Where are the funds if they were simply hodling them for the users? At least according to their ToS.
Where are the funds if they were simply hodling them for the users? At least according to their ToS.
4/ following all of this we see not only #FTT going to 0, but also #Solana / $SOL getting hit hard, being the love child of #FTX and #Alameda.
Personally i never really trusted #Solana to begin with. It gave of the same vibe as #Terra / $LUNA.
Personally i never really trusted #Solana to begin with. It gave of the same vibe as #Terra / $LUNA.
5/ Hope everyone learns about proper portfolio diversification from this event, since nobody can really predict when and where a bankrun will occur.
Stay safe.
Stay safe.
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