samhickmann.eth
@samhickmann
FTX Pre-Mortem Overview - https://sambf.substack.com/p/ftx-pre-mortem-overview As of the end of 2021, then, it would have taken a ~94% market crash to drag Alameda underwater!
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samhickmann.eth
@samhickmann
But Alameda failed to sufficiently hedge against the risk of an extreme market crash. 2022: Bitcoin, Ethereum, Tesla, and Facebook are all down more than 60% on the year.
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samhickmann.eth
@samhickmann
"All of which is to say: no funds were stolen. Alameda lost money due to a market crash it was not adequately hedged for–as Three Arrows and others have this year. And FTX was impacted, as Voyager and others were earlier."
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samhickmann.eth
@samhickmann
"If FTX had been given a few weeks to raise the necessary liquidity, I believe it would have been able to make customers substantially whole"
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