Wow, Scam Bankrun-Fraud ("SBF") continues to spin the same web of lies in letter to FTX employees, which is a disgrace. Lie #1: Before spring 2022, the value of FTX's assets ("collateral") was $60 Billion. This is a RIDICULOUS claim. A quick thread... (1/7)

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 (2/7)

How do we know that? These rough figures I estimated from reverse engineering the (un)balance(d) sheet SBF shared on November 10: (3/7)

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.

Pure fantasy. Shoutout to @DIRTY BUBBLE MEDIA: BARRY! for catching this in early November - I'll be interviewing him soon on @Forward Guidance (5/7)

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 links

(6/7)