Market Insights & more.
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Alameda’s Journey Into Insolvency – The FTX Post Mortem
The US Government has recently dropped a new trove of files on SBF, and with this new information we finally have for the first time clear cut evidence and a timeline of Alameda’s borrowing. One of my favorite ever pieces of crypto research was WizSec’s execellent coverage of the Mt Gox collapse, where thanks to…
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FTX Trading Bankruptcy Estate Announce Crypto Liquidation Plan
FTX Debtors have filed a motion to enlist Mike Novogratz’s Galaxy Digital to provide hedging and liquidation services for the FTX Bankruptcy Estate’s cryptocurrency portfolio. The deadline for any objection is September 6th 2023, and the ultimate decision will be made on September 13th, 2023 at 1 PM EST. It makes sense to hire professionals…
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Alameda Research’s Original Pitch Deck to investors – REVEALED
Since Su Zhu originally retweeted his 2019 post about Alameda’s pitch deck, I’ve been craving to get my hands on it, and Twitter user https://twitter.com/gdont12 was able to come up with it. A huge thank you again @gdont12 for this file. The original is in image form, for the sake of better readability & searchability…
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SBF’s Fraud Defense analyzed – The Real Motive of the FTX Fraud
After posting a quick analysis on Twitter, I thought I’d post on here as the website is better formatted for longer form content, in addition to having a longer shelf life than a twitter post. Coinage media has recently gotten an actually interesting SBF interview, which showcases how he intends to explain his part in…
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How Centralized Stablecoin pegs actually work – Clearing up misconceptions
Why is a Tether worth ~1 USD, how are Tethers (or USDC tokens) actually created given few users work directly with them? That’s what I’m hoping to clarify in this piece inspired by one particularly misinformed twitter post. Disclaimer: I have no employment, or business relationship with any stablecoin issuer, nor does any entity I…
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OPNX Exchange Review – Early Thoughts on Coinflex’s rebooted exchange
A look at the new OPNX exchange, rebuilding from the ashes of CoinFLEX & 3 arrows capital.
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Thoughts on FTX 2.0
As one of FTX 1.0’s first users, my thoughts on a potential restart. FTX died nearly 200 days ago and since almost day 1, one of the suggestions to make creditors whole has been a restart of the exchange, often with a BitFinex style recovery token. In this article I aim to investigate the viability…
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FTT Whitepaper
Below I present the unedited original FTT whitepaper. The google doc for this was removed, I’m reposting this as it may be of interest for those wanting to relaunch FTX: Of specific interest, FTT token as originally released was primarily backed by 1/3 FTX revenue. If FTX rising were to double that, they may be…
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A Look At FTX’s Balance Sheet – Estimating the Real Value of the Assets
Recently FTX’s balance sheet as of late Thursday night (pre bankruptcy news & pre hack) has been leaked & circulated by the Financial Times. I’ve seen a few journalists produce estimates on the recoverable value of the balance sheet and thought I would try my hands, with some experience in the crypto trading space. I…
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FTX – The Post Mortem – Part 2: The “Liquidity Crisis”
In my previous article, I shared my thoughts and early experiences & concerns with the FTX cryptocurrency derivatives exchange. In this post I’m going to take a look at the collapse of Alameda & FTX, show some theories and give my thoughts. The disaster started Monday night when FTX token (FTT) broke the $22 level…