Re:Crypto dominoes fall in the wake of FTX's collapse
by spaceman_2020 on Thursday November 17, 2022 @12:35PM
(#33642496)
Sam Bankman Fried marked his 1 billion Serum (a dex on Solana) tokens at $2.1B on his balance sheet.
The last time Serum was worth $2.1+ per token, it was Jan 2022. At current market prices, that same stake is worth less than $250M (given liquidity conditions).
Serum was also a dex that SBF's company, Alameda, pretty much made in-house, and then allocated themselves 1 billion tokens.
So this "wealth" was created out of thin air. And disappeared into thin air.
Ergo, it was not real. It wasn't lost. It never really existed in the first place.
The last time Serum was worth $2.1+ per token, it was Jan 2022. At current market prices, that same stake is worth less than $250M (given liquidity conditions).
Serum was also a dex that SBF's company, Alameda, pretty much made in-house, and then allocated themselves 1 billion tokens.
So this "wealth" was created out of thin air. And disappeared into thin air.
Ergo, it was not real. It wasn't lost. It never really existed in the first place.