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A comment on Major crypto trading firm Alameda Research might be insolvent. Parent comment

Re:Major crypto trading firm Alameda Research might be insol... by JumpCrisscross on Friday November 04, 2022 @11:42AM (#33468544)
> the bulk of their liabilities are in the same tokens on their balance sheet

Do we have evidence of this?

The article says $292mm are FTT-denominated, with the rest unknown. Absent further information, it’s fair to assume some of that is dollar denominated. With less than 2% cash to cover liabilities, even a small amount of normal borrowing could render Alameda insolvent.

Moreover, if the losses are entirely passed through, whose are they? That’s over $7bn of losses sitting on someone’s balance sheets. Are they distributed? Is it FTX’s?

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Re:Major crypto trading firm Alameda Research might be insol... by janmo on Friday November 04, 2022 @01:05PM (#33470105)
Alameda has taken loans from Voyager and BlockFi, those are in hard currencies, USD or bluechip crypto such as BTC/ETH.

From Voyager's bankruptcy filing we know Alameda owes them $650m in USD, and hasn't repaid them yet, instead SBF is trying to push forward a shady deal that would allow FTX to take over Voyager's asset.

Deal to which state regulators have filed and objection in bankruptcy court by the way.

[ Parent | on HN ]