Alameda's Messy Balance Sheet Raises Concerns About FTX Does It Pose Systemic Risk?
Preface : CoinDesk's report on Alameda found that its largest single asset, a large amount of collateral are FTX's platform coin FTT (most likely borrowing from FTX), a large number of opaque affiliate transactions between Alameda and FTX, previous financial products with interest rates beyond the norm, as well as large investments and acquisitions in the market, once again raising concerns. After the CoinDesk article was sent out, SBF Alameda FTX and others have not responded in detail, also from another angle to aggravate the outside world's doubts. 3AC and Tether are the institutions that outsiders like to compare FTX to. Once FTX crash, it could become a larger 3AC, posing a systemic risk to the industry. There is also a view that Bitfinex has a similar relationship with Tether as FTX and Alameda, and that Tether's transparency is starting to put it on the right track. In fact, the latter is more similar to an exchange that also has a "gold-sucking beast"....