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by easytiger
1240 days ago
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That's why i called it a "multi party ponzi". They had to know their largest borrowers were not above board. FTX promised large no risk returns for deposits in turn. Except FTX didn't even have the plausible excuse of lending money. One of the stablecoins promised an infinite money making circle of lending->profit. 3AC's trading model was to borrow at these high IRs and gamble it (i don't for a second believe they had a risk based trading strat) and hope it paid off and skim off the top. See my 3 possibilities above. The company founders even had a flight plan to non extradition treaty countries. Where they now reside |
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