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FTX had a number of balance sheet errors. One of the most unfortunately hilarious ones was that they had $2.2 billion marked for a cryptocurrency called Serum on the balance sheet. FTT is making loans to the trading arm Alameda and receiving their own token as collateral. So you have this self-dealing that can create a lot of risk in the system. The fallout I think is almost impossible to know at this point, but if you're a customer who had holdings with FTX, you are likely never going to be able to access them.
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