> what did he do? FTX loaned money to Alameda, the crypto hedge-fund made a series of bets and probably put some cash in illiquid assets too, but mostly irresp

> what did he do? FTX loaned money to Alameda, the crypto hedge-fund made a series of bets and probably put some cash in illiquid assets too, but mostly irresponsible bets. Crypto market collapsed, bets that were worth billions with a decent liquidity now became worth millions with not so much liquidity. They turned to their most harsh competitor hoping for a bailout kinda like how Microsoft saved Apple in the 90s . All that didn't happen, it was the the straw that broke the camel's back. That's about it, when you are leveraged adverse market events can literally put any company out of business, no matter how giant it is. Chapter 11 is not the end of the world for old companies making real stuff that people will always want (say General Motors or Hertz), but in crypto where everything is about reputation there is no way FTX will ever be heard of ever again. In the case of the crypto market adverse events of massive proportions repeat themselves every 5 years or so. It happened this year , together with inflation. It was due, at some point the chickens had to come home to roost.....whatever the fuck that means lol.