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Getting Rich Quick (EP.285)

Animal Spirits Podcast

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Is Alameda a Scam?

The majority of outflows happened in Q4 2021. To us, this is a sign that they took a huge hit as markets contracted in Q4. It's possible the hedge fund blew up before that and they were papering over it with client deposits. And that's how they stayed a flow over so long. Our hypothesis is that Alameda was propping up that market potentially with FTX user funds. Oof. This evidence adds a whole new dimension to the question of where did the user fund go.

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