FTX

When fear exists in general while all this stuff goes on, right? And so as we kind of zoom out to the overall ecosystem here, people generally panic and they start withdrawing or trying to get their hands on their money. If you're levered in any meaningful way, meaning, maybe you've went beyond what you actually have stored in the, in the bank at any one time, then there's going to be liquidity crunches that exist," he says. "What that tells me is that they're almost certainly insolvent, not just illiquid"

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