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EP 41 - Bonus Episode: Mike Burgersburg, Twitter Poster Who Helped Discover FTX’s Issues, Breaks Down How It All Happened
The Logan Bartlett Show
The Relationship Between FTX and Alameda
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FTX generated a token called FTT and had kind of used that as I believe it's part of like an ICO or something where they use that to fund some of their operations. And so what happened was that, you know, nobody really knew that the extent of this until CoinDesCAD a week of Alameda's balance sheet from June 30th and 2022 showing that they were holding like almost $6 billion worth of this. They essentially are using an asset that isn't really real as collateral to borrow accounts and they're able to create that through basically manipulating fake markets.
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