Get Supercycled Kid
New SBF Substack dropped.
Once again he continues to blame Binance CEO CZ for his downfall.
In this post mortem, he chooses to focus on how Alameda lost its money and his explanation has one giant hole in it (kinda like FTX).
How did Alameda losing money (he claims $50b excluding SRM like tokens) lead to FTX users getting rekt??
When you used Celsius/Gemini Earn/Voyager/BlockFi for high interest rate yield on your BTC, you signed up for the risks (i.e. lending it to crypto hedge funds that went long only on the supercycle like Three Arrows Capital).
When you used FTX to store assets, you DID NOT sign up to have Alameda trade away your deposits.
Also Trabucco was mentioned here as leaving the firm midway through the year without hedging. As captain, Mr buying liquidations quietly left the ship on his own lifeboat after steering the ship towards the iceberg.
Also everything Sam says is a lie etc etc