It boggles my mind that lenders aren't all wise to this nonsense, and severely mark down these assets, if not completely refuse to allow them as collateral. I suppose that at least many banks got very hard up over the last 10 years of next to zero interest (next to on one side or other of it depending on where in the world they operate), so they were probably more willing than usual to lend money for the chance at getting a return on it. Curious to see which banks are getting hit hardest for exposure to FTX loans -- that hasn't been something I've been hearing much about yet.