[JumpCrisscross]

This looks more like a dealer book than a classic MM. If they’re long $5.8bn and short $5.79bn, their net position is fine. That said, they’d be carrying major counterparty risk.

[shorthistory]

1. They are understood to be classic MM [source?]

2. Balance sheet shows they are not classic MM

3. Counterparty is FTX

4. ...