Seems more like a classic run on the bank. Made worse because: + the bank (FTX) was likely massively over leveraged + the bank's primary assets were likely n

Seems more like a classic run on the bank. Made worse because: + the bank (FTX) was likely massively over leveraged + the bank's primary assets were likely not very liquid Both of above are speculation. However, why else be forced to sell (1) to Binance? (1) Matt Levine makes his usual solid argument as to why the price was likely zero, other than cashing out FTX debt: https://www.bloomberg.com/opinion/authors/ARbTQlRLRjE/matthew-s-levine https://www.bloomberg.com/opinion/authors/ARbTQlRLRjE/matthe...