/story/33867611 Posted by jcook2004 on Monday December 05, 2022 @11:22AM from the self-post dept. ( 1 comment | on HN )
…and also extends Alameda a $680 million loan collateralized by now worthless FTT tokens…
…while BlockFi’s trading desk deploys $355 million to the FTX exchange..
…unfortunately, BlockFi’s risk management team failed to see the GBTC/3AC crypto winter and loses almost ~$1 billion of depositor funds…
..but to avoid bankruptcy FTX extends a $400 million credit facility to BlockFi collateralized by the now worthless FTT tokens…
..only to have Alameda Research caught in its own liquidity crunch vis-a-vis the downward pressure of the FTT ponzi token…
..to stop the bleeding SBF personally guarantees Alameda’s $680 million loan via his Robinhood stake…
….through a shell company called Emergent…
…which legally operates at arm’s length from FTX…
…but is controlled by SBF…
and funded by FTX revenues!