3min chapter

Clearer Thinking with Spencer Greenberg cover image

The FTX catastrophe (with Byrne Hobart, Vipul Naik, Maomao Hu, Marcus Abramovich, and Ozzie Gooen)

Clearer Thinking with Spencer Greenberg

CHAPTER

FTX Liquidation Strategy

If a lot of people get liquidated and it wipes out the insurance fund then the exchange may not have enough money to make good on everybody else's deposit. So if an exchange runs into a problem where they have that kind of balance sheet hole then the thing for them to do is pause withdrawals, he says. But in FTX this case very hard to pull that off because they already had an exchange token and it had lost a lot of his value.

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