Oh boy. A lot has happened in the past few days.

Sam beefed with CZ

Coindesk released an article that showed some of Alameda's highly profitable trading strategies which seem to bring PTSD of Luna/3ac/Celsius/Voyager (even tho it's quite different)

Sam continued to beef with CZ on twitter

CZ had $500m of FTT (mkt cap is $3b) and sent from Binance wallet to Binance exchange

CZ said he's going to sell FTT based on new information (refering to the coindesk article)

Caroline (new CEO of Alameda) tweets that Alameda will buy CZ's FTT at $22

CZ continues to stroke fear saying that Sam has been lobbying his boys in the US gov to go after CZ

CZ suggests that Sam's FTX and Alameda is insolvent (further PTSD from earlier this year)

EVERYONE AND THEIR MOM WITHDRAWS FROM FTX

Alameda starts selling all their DeFi shitcoins and coins in on-chain wallets to deposit to FTX

RUMORS SPREAD. PEOPLE PANIC.

FTX BANKRUN

FTX WITHDRAWALS TAKE A LONG TIME.

9 fig wallets start running scripts to withdraw in clips of $1000 USDC every 30s or so

MORE PANIC

FTT DROPS FROM 22 to 15

CZ INITIATES ATTACK

FTX WITHDRAWALS STOPPED 4 HOURS AGO ON ERC-20 TOKENS AS OF TIME OF WRITING

NO COMMUNICATION

People think it's because they are immediately raising money from their investors to support customer withdrawals.

PANIC.

Personally I didn't think this would happen that soon. When I read that CoinDesk article, I didn't really think about the bankrun that it would cause on FTX. Sure, CZ had more to do with it than the Coindesk article but still quite impressive how fast rumors spread.

At this time, 11:38pm SGT 8th Nov,

OH MY F███████ ████████ ███                                              

(future update: I gave up writing this post about the 'bankrun' after the events unfolded lmao)