Summary
In mid November, FTX International became effectively insolvent. The FTX saga, at the end of the day, is somewhere between that of Voyager and Celsius.
Three things combined together to cause the implosion:
Over the course of 2021, Alameda’s balance sheet grew to roughly $100b of Net Asset Value, $8b of net borrowing (leverage), and $7b of liquidity on hand.
Alameda failed to sufficiently hedge its market exposure. Over the course of 2022, a series of large broad marke...
