Been staying hard away from crypto all year, with the general trend of about one seismic project failure every 3 months, and this might be the true Lehman moment on top of the shitcoin sundae. Passing no assumptions on intent or possible criminal actions until more info is revealed, but it certainly looks like SBF mismanaged a lot of other people’s money and was overconfident in his own, being largely pegged to illiquid altcoins and FTT. The most shocking thing to me is how CZ took a look at their balance sheets for all of like 3 hours after announcing intent to acquire, and just noped right outta there. Clearly this situation is more FUBAR than we ever imagined, and it all feels like SBF had to have known all along that his castle was built on a foundation of sand, at the very least. By all appearances, for him not to have seen that would require an immense amount of living in denial.
Been staying hard away from crypto all year, with the general trend of about one seismic project failure every 3 months, and this might be the true Lehman moment on top of the shitcoin sundae. Passing no assumptions on intent or possible criminal actions until more info is revealed, but it certainly looks like SBF mismanaged a lot of other people’s money and was overconfident in his own, being largely pegged to illiquid altcoins and FTT. The most shocking thing to me is how CZ took a look at their balance sheets for all of like 3 hours after announcing intent to acquire, and just noped right outta there. Clearly this situation is more FUBAR than we ever imagined, and it all feels like SBF had to have known all along that his castle was built on a foundation of sand, at the very least. By all appearances, for him not to have seen that would require an immense amount of living in denial.