NFT Morning Show - Friday 3/10
The Daily Bone (Formerly The Nifty)
00:00
FTX - What's the Solution?
FTX underwrote a lot of crypto companies. And in doing so, they were borrowing money fromcrypto companies and then letting them out. A lot of those companies when FTX collage like, okay, well, we need all of our money from our bank account right now because all of our crypto assets just got liquidated. So there was sort of a bank run from crypto companies with drawing the cash to like pay their salaries or do whatever,. You know, rug pull their Cs, whatever they wanted to do, they need their money out of the bank. And like that drain deposits.
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