This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

What about existing shareholders of FTX? Blackrock? Sequoia? Will they agree on valuations?

Do Kwon just popped up to do a live show the day FTX gets a hostile takeover Who wrote this screenplay?

The FTX deal with Binance has thrown even more uncertainty into the already murky CFTC campaign in which FTX was trying to shake up derivatives clearing. Jesse Hamilton reports trib.al/FhcI3Fw

There I was, surfing the wave of waves, next moment wiped out, board broken, rocks reefs everywhere The sudden pain of business failure and loss of purpose, as a golden child of the industry + biz cycle more broadly, was as difficult as the ensuing ostracization and demonization

Here is the note we sent to our LPs in GGFIII regarding FTX.

Thoughts on SBF shared with us from a highly credible source:

The only way to cover client assets 1:1 in FTX now is to nuke the whole space to dust Lesser in fiat terms the easier

Eight. Billion. Dollars. And this was the exchange that was obsessed with regulation? The one that even drafted a template policy document less than 2 weeks ago?!

Man this is going to give regulators so much ammo, Alameda / SBF single handedly reverted the last few years of regulatory progress in less than a week

1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.

A reminder of importance of execution over idea What good is a good idea with screw-up?

The recent surge in #cryptocurrency prices may be a bear rally, but the cycle pattern suggests we're nearing a bottom. However, the risk remains high given the uncertain macroeconomic and industry landscape. Proceed with caution. #crypto #bitcoin #ethereum

Don't believe the hype - #crypto is not dead. With increasing technology use cases and adoption from reputable institutions, the price is only a small piece of the puzzle. Keep an eye on the real game-changers in the space. #Bitcoin #Ethereum #blockchain

No bull market in cryptocurrency has started without a consolidation period of over a year. It's always a smart move to take profits and protect your investments. #crypto

Don't panic, don't greed. The consolidation period of the #cryptocurrency market is long. The key is patience and survival. #HODL #crypto

Regulation is no stranger to the crypto world. We've weathered bans before, like in China, India, and Nigeria, and come out stronger. We'll adapt and overcome once again. #cryptocurrency #regulation #adaptandovercome #cryptoindustry #cryptoresilience