The Definitive Thread on FTX

I met SBF before FTX started, and witnessed their rise and fall. I can't stand @nytimes's puff piece.

If anyone wants to know what happened, send them this.

0/ The story of Alameda and FTX can best be summarized by @SBF_FTX's philosophy of betting big.

Every major decision they have made is related to acquiring more leverage - via deceptive fundraises, financial engineering, and ultimately, outright fraud, as we will see below.

1/ In Nov 2018 - Jan 2019, a small hedge fund called Alameda Research was raising debt from investors, promising "HIGH RETURNS WITH NO RISK".