FTX

FTX tokens are not equity. There's no ownership of anything that comes along with holding a token. So they have to put out some sort of re-rassioned out for what is this going to do. And I think that's what it was. The price fell, the collateral with all the loans that Alameda had taken out, became essentially worthless and they became the debt that they had taken out. They couldn't pay it back. And so they became essentially insolvent overnight. That's where the cascading effect began.

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