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EMERGENCY POD: FTX sells to Binance with Vinny Lingham and Sunny Madra | E1607
This Week in Startups
FTX Is Having a Problem?
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FTX is an in house token that they use to move money around without fees. The $6 billion taken out were people who just saw the headline, Oh, FTX is having a problem. So essentially they're losing all their customer base. Is that what's happening? In addition to and they don't have the money to cover those withdrawals. If they did do that, because I think it's very likely that they hedged out the position. Sell spot by 24 months, whatever. They're effectively net short soul right now. This could unravel in a weird way in the next 24 hours where the market realizes that these guys sold short a whole bunch of Solana"
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