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Ha, in exchange for extending a non-binding LOI, Binance got a competitor to admit they're illiquid.
Which seems like a huge L for FTX... until you start thinking about what the alternative must have been if this is what they chose.
It's clear it would have involved everyone losing their money and Bankman Fried being on the run à la Do Kwon.
Or was that another crypto trader?
If anybody could help my sieve-like brain, that would be very appreciated :-)
Anyone here remember when SBF was offering Elon Musk a billion dollars to help him buy Twitter? What the hell was he thinking?
He was probably thinking the offer would leak and give him publicity, which it did.
Earlier quoted context omitted.
Which seems like a huge L for FTX... until you start thinking about what the alternative must have been if this is what they chose.
> what the alternative must have been It's clear it would have involved everyone losing their money and Bankman Fried being on the run à la Do Kwon.
Earlier quoted context omitted.
Giving them the benefit of doubt, this is not a contradiction. The statement means that they have enough illiquid assets to cover the withdrawal that they are working on converting into liquidity.
They're totally solvent but no one is willing to lend them money?
Earlier quoted context omitted.
I know the SEC is struggling to stay on top of the crypto market, but it certainly seems like SBF should be in an absolutely huge amount of legal jeopardy right now. And if he isn't, then the crypto market is beyond saving and deserves to die.
> SEC...it certainly seems like SBF should be in an absolutely huge amount of legal jeopardy right now FTX U.S. is fine. To the degree Americans are hurt, it's investors in the international entity. If anyone deserves regulatory scrutiny, it's the institutional investors betting fiduciary assets on crypto.