Market makers on stock exchanges are allowed to naked short with abandon (more leverage than retail). Almeda was a market maker on an exchange that allowed 100

Market makers on stock exchanges are allowed to naked short with abandon (more leverage than retail). Almeda was a market maker on an exchange that allowed 100x leverage to retail. leverage on margin is a loan. The shocking part is they took on so much leverage and lost, not that they were extended margin like any other market maker or even market participant on ftx. Really not so different from archilego/ hwang or London metals exchange fiasco or gilt fiasco or oil going negative or cds fiasco or LTCM.