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The Chopping Block: Was FTX a Scam From the Very Beginning? - Ep. 433
Unchained
Alameda's Balance Sheet Is in Dollars, Right?
The assets that ended up on Alameda's balance sheet were dollars. What liabilities were in like Bitcoin and Ether and whatever, they're not in dollars. But the $8 billion that was wired to Alameda's bank accounts in order to deposit money on FTX,. There's a very clear $8 billion there, right? Right. So when a customer sends in money, the reason they're doing so is to buy, like, let's say a Bitcoin. So then they are owed a Bitcoin. If they buy a Bitcoin when it's $10,000 and then Bitcoin goes to $20,000, then they're going to be owed still a single Bitcoin, but it will
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