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.
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.
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.
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.
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.

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