🔥 CZ: The Mastermind That Brought Down FTX And Then Bought It

٨ نوفمبر ٢٠٢٢

The past two days have been a true rollercoaster. Please click the tweets for a full overview.

In short:
- FTX is closely related to Alameda, since Alameda provides a big part of the liquidity to FTX
- Rumors are spreading that Alameda has a hole in their balance sheet, FTX is potentially insolvent
- CZ adds oil on the fire by announcing the sale of Binance's FTT tokens
- Investors panic and remove their funds from FTX
- FTX actually goes insolvent, pulls liquidity from FTT and appeared to have stopped processing withdrawals
- CZ (CEO of Binance) steps in and signs an agreement to take over FTX for a fraction of the value it had a couple of days ago. Investors removed their funds, so it was a cheap acquisition of a company in distress.

CZ played 5d chess and won. GG.

٨ نوفمبر ٢٠٢٢

ملاحظة

Proof of stablecoin outflows


twitter.com/ki_young_ju/status/1589396703421272064