We know that as of late October, most of FTX's assets consisted of:
~200 million FTT tokens
~6.5 billion SRM tokens
~6 Billion MAPS tokens
~192 Million OXY tokens
How do we know that?
These rough figures I estimated from reverse engineering the (un)balance(d) sheet SBF shared on November 10:
Here's the problem: many of these tokens weren't part of the "circulating supply."
Take the ~6.5 Billion in SRM tokens. The circulating supply of SRM is only 1 Billion, so FTX held -650% of the tokens.
You're not supposed to be able to own more than 100% of something... (4/7)
...it gets worse.
$SRM was so thinly traded in October 2022 that its 24 hour trading volume was only ~1/250th of FTX's $SRM holdings.
Shoutout to @DIRTY BUBBLE MEDIA: BARRY!
for catching this in early November - I'll be interviewing him soon on @Forward Guidance
this is too much to cover in one tweet thread. can't even finish lie #1 let alone get to lie #2 ("hyper-correlated crash") or lie #3 ("mislabelled fiat account" = THE MONEY WAS NEVER AT FTX)
said "Jesus Christ" many times to myself while researching this
link to SBF's letter to FTX employees:
FTX balance sheet given to FT:
"Is Alameda Insolvent" dirtybubblemedia.substack.com/p/is-alameda-r…