[saddlerustle]

FTX was making a killing, so its token that paid out trading fees was worth a lot. To bail out trading losses in Alameda, FTX sent it cash in exchange for a bunch of its own token. This might have worked out fine, except now the moment everyone expects FTX to go bankrupt, it's bankrupt.

[hazyc]

Haseeb Qureshi said recently on his Chopping Block podcast that it was a not-so-secret secret that FTX was the least profitable exchange of any of the major exchanges, so even if they were generating a lot of revenue they weren't making much profit on it.