Lucas Nuzzi, Head of R&D at crypto analytics firm CoinMetrics, claimed that Alameda Research, the crypto firm linked to FTX CEO Sam Bankman-Fried, went bankrupt in the second quarter but was kept afloat by FTX.
Nuzzi November 9 on social media in his postFTX in the second quarter A big one for Alameda recovery fund FTX of the recovery package, citing the possibility that as they may have squeezed their balance sheet talked about.
Nuzzi in the light of the data he has one of the possible scenariosHowever, Alameda went bankrupt in the second quarter along with other crypto companies like Three Arrows Capital (3AC), Voyager Digital and Celsius Network (CEL). 4 months later guaranteed to receive 172 million FTT using it as collateral survived by borrowing from FTX stated that. Right after Alameda acquires FTTs managed by FTX He emphasized that sending it to a wallet might prove this situation.
According to Nuzzi’s claims, later on, FTX had to make an extra effort to keep Alameda from sinking because if Alameda did sink 172 million FTT will be liquidated and FTX’s balance sheet would suffer serious damageI. At this point FTX and Alameda are putting it all in. tried to save other companies. This boosted FTX’s image and helped to keep FTT’s value high. FTX’s recovery plans, FTT price stays in place or having a bank attack on the market would enable it to continue functioning. While bank inflows to the market remained below the desired level, the Over 70% depreciation probably turned this recovery package into a big problem in FTX’s balance sheet.
Nuzzi, on the other hand, is the same as Binance. your situation aware stated that it might. Nuzzi, CEO of Binance changpeng Zhao’s (CZ) they have already decided to sell their FTT reserves, FTX intentionally in a larger liquidity problem He said he might have used it to tuck it in or just to corner it. Lucas Nuzzi believes these scenarios are his personal opinion and your lack of certainty underlined.