People should be watching this very closely. The series of events is quite worrying, I won't say anything is certain. What it looks like is someone leaked (pos

People should be watching this very closely. The series of events is quite worrying, I won't say anything is certain. What it looks like is someone leaked (possibly fake) Alameda's balance sheet.[1] Basically it said that Alameda has a bunch of incredibly illiquid tokens that are part of the FTX ecosystem (specifically FTT and some other shitcoins) and they have massive liabilities in FTT. Now, lots of people say "Oh that's fine if FTT crashes, it'll probably wipe out Alameda's creditors not Alameda because those loans will be secured against the worthless FTT anyway". But the real concern is if those loans are actually provided by FTX. So if FTT collapses Alameda's creditor gets wiped out... which is FTX, and who knows how protected your FTX deposits are if FTX gets rekt. So that's the concern, but up until now there was no indication that Alameda could have any reason to liquidate. But now comes this. What looks like the only other holder of FTT in any real volume is now going to dump. So now Alameda and FTX have to either find half a billion dollars to step in and support the price of FTT while Binance exits, or they don't at which point FTT will fall through the floor. If FTT falls through the floor most likely Alameda is underwater and therefore their creditors are in trouble too, and who is the least secured creditor? Anyone holding stable coins or cash on FTX. So what happens? People panic, they start transferring massive holdings out of FTX because they're worried about default risk, at which point FTX needs cash to process withdrawals and so not only do they now not have the cash to defend FTT's value, those loans that FTX likely made to Alameda? They'll likely need to get out of them, causing Alameda and FTX to become forced sellers of FTT and completing the doom loop. Given all of this, it does seem a little bit like Binance's CEO publicly declared a run on FTX- which is wild. It may even mean that Binance become unable to dump their FTT successfully. [1]:https://dirtybubblemedia.substack.com/p/is-alameda-research-insolvent https://dirtybubblemedia.substack.com/p/is-alameda-research-...