2min 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

The Alameda FDT Is a Very Strange Parallel With Enrod

Enrod did a couple deals where there's one deal where they had done a venture investment in a tech company. Enrod is basically using its stock price as collateral for a trade with Enrod. And then when Enrod stock price went down, Enrod had to issue more stock. So that is a close parallel with the Alameda FDT situation. But either way, like there was barely having a trader on an exchange whose trading is collateralized by borrowing against the fact of equity of that exchange is a very weird setup.

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