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FTX Warns of Bankruptcy Without Rescue for $8 Billion Shortfall

 Binance bailed on FTX takeover

“I f---ed up,” Bankman-Fried told investors on the call, according to people with knowledge of the conversation. He said he would be “incredibly, unbelievably grateful” if investors could help.

Bloomberg 9 November  2022


JPMorgan Team Says Crypto Markets Face ‘Cascade’ of Margin Calls

JPM strategists say crypto deleveraging set to take few weeks

Their analysis sees potential Bitcoin floor of around $13,000

Bloomberg 10 november 2022


FTX - So how could this happen? I don’t know, but let me speculate a little bit

Let’s start with Coinbase. Coinbase Global Inc. runs a cryptocurrency exchange. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was “don’t worry, we are not going to be instantaneously vaporized.” The part that I want to focus on is this paragraph:

There can’t be a “run on the bank” at Coinbase. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. We have no gating for client loan recalls or withdrawals.

Matt Levine Bloomberg 9 november 2022 


Crypto Has Reinvented Bank Runs


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