Bankman-Fried blames Alameda, CZ, Sullivan & Crowell in detailed 'pre-mortem' of FTX collapse Cryptocurrencies
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In the post, Bankman-Fried claimed that the collapse of FTX was primarily caused by three things: Alameda’s Net Asset Value ballooning to $100 billion by the end of 2021 , Alameda’s failure to “sufficiently hedge its market exposure” until the summer of 2022 as these assets lost approximately 80% of their value during the crypto winter, and “an extreme, quick, targeted crash precipitated by the CEO of Binance” in early November which “made Alameda insolvent.
Bankman-Fried said the turning point was the tweet from Binance CEO Changpeng Zhao on Nov.6, in which he announced that Binance had “decided to liquidate any remaining FTT on our books.” This sparked a mass selloff of the FTX token and prompted FTX customers to begin withdrawing billions in assets custodied on the platform.
Bankman-Fried wrote that Alameda’s insolvency then impacted FTX and other firms “similarly to how Three Arrows etc. ultimately impacted Voyager, Genesis, Celsius, BlockFi, Gemini, and others.” He wrote that these insolvencies and bankruptcies were “fairly common on margin platforms,” listing LME, MF Global, and Lehman Brothers as examples from traditional finance of leveraged firms failing during market downturns.
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