BlockFi lending desk uses ~$1.7 billion of depositor funds and deploys capital to Grayscale to participate in GTBC’s NAV premium trade… …and also extends Alame

BlockFi lending desk uses ~$1.7 billion of depositor funds and deploys capital to Grayscale to participate in GTBC’s NAV premium trade… …and also extends Alameda a $680 million loan collateralized by now worthless FTT tokens… …while BlockFi’s trading desk deploys $355 million to the FTX exchange.. …unfortunately, BlockFi’s risk management team failed to see the GBTC/3AC crypto winter and loses almost ~$1 billion of depositor funds… ..but to avoid bankruptcy FTX extends a $400 million credit facility to BlockFi collateralized by the now worthless FTT tokens… ..only to have Alameda Research caught in its own liquidity crunch vis-a-vis the downward pressure of the FTT ponzi token… ..to stop the bleeding SBF personally guarantees Alameda’s $680 million loan via his Robinhood stake… ….through a shell company called Emergent… …which legally operates at arm’s length from FTX… …but is controlled by SBF… and funded by FTX revenues!