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SBF's main mistake wasn't trusting Sullivan & Cromwell. That is the lie that SBF is trying to tell. While that may have been a "mistake" to declare bankruptcy,
by shkkmo 4y ago
SBF's main mistake wasn't trusting Sullivan & Cromwell. That is the lie that SBF is trying to tell. While that may have been a "mistake" to declare bankruptcy, it was because it reduced FTX's ability to try to hide the fraud it had been perpetuating.
FTX was already incredibly insolvent at that point because FTX gave Alameda an unlimited line of credit and then used that credit to take loans from Alameda to line their own pockets with what was effectively FTX's customer deposits.
- naijaboiler 4y ago>>then used that credit to take loans from Alameda to line their own pockets with what was effectively FTX's customer deposits. that's small fraction. most were spent and lost betting the crypto market