FTX was the next iteration of beanie babies. They held a huge supply of an illiquid asset that they made the market on. No surprise that they would offer a hi

FTX was the next iteration of beanie babies. They held a huge supply of an illiquid asset that they made the market on. No surprise that they would offer a high price and then say "these are worth a lot." This happened with beanie baby sellers: they would corner the market on one model and the jack the price. The problem is that nobody else thought they were worth that much. Then, FTX made it worse by allowing people to borrow against them at the valuation of "a lot," and borrowing against them at the same valuation.