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Understanding the Collapse of Sam Bankman-Fried's Crypto Empire
Odd Lots
What Is the Relationship Between FTX and Celsius?
The vast majority of the economic activity happening in this space doesn't happen on the blockchain. So, for example, FTX is an exchange and then it just sits there. All of the trading actually happens on an off-chain, like centralized platform. And what I found was that they had sent hundreds of millions of dollars worth of assets from their wallets to the FTX exchange. In return, it seemed like they had received about a billion dollars in USDC from that exchange and used it to pay off various debts.
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