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FTX pioneered a user-friendly collateral mannequin that may finally contribute to its downfall. Alameda Analysis’s stability sheet, as revealed by a CoinDesk report in November, was ladened with illiquid altcoins like Serum, Maps and FTT. This was then used as collateral on a sequence of loans, and when the market finally slumped, the worth of these altcoins depleted to a stage that meant FTX might now not honor buyer withdrawals.
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