Sam Bankman Fraud: Inside the Collapse of FTX’s Hollow Empire
The Breakdown
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FTX and CZ - What Happened?
FTX's stablecoin reserve had dropped by 93% over two weeks and was down to just $50 million. People were watching assets vacate FTX live on chain. The brinksmanship of actually trying to cause the failure of an exchange of the size of FTX, given its relative position in the industry seemed so insane to me. But ultimately what I felt didn't matter. What mattered is that as CZ moved in for the kill and Sam tweeted platitudes about coming together and working together, the industry was frantically asking for real answers from FTX.
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