According to ChainCatcher, Lucas Nuzzi, head of R&D at CoinMetrics, disclosed on social media that Alameda was on the verge of bankruptcy in the second quarter of this year and later obtained a loan with FTT as collateral. This incident may be the fuse of FTX's liquidity tightening.

Lucas Nuzzi speculated that crypto investment institutions such as Three Arrows Capital collapsed in the second quarter of this year, and Alameda survived because it obtained FTX funds based on FTT as "collateral", totaling 172 million FTT, worth about $4.19 billion. This "loan" needs to be guaranteed to be repaid after four months. If it is not repaid, all FTT will be liquidated, so SBF and Alameda must find a way to avoid this from happening.

But bailing out Alameda could weaken FTX’s balance sheet to the point where it is no longer solvent. If the price of FTT doesn’t collapse and trigger a run, everything would be fine, which is why SBF has been portraying itself as “well-funded and politician-friendly” recently. But Binance may have discovered that FTX used FTT as collateral to support Alameda, so it chose to sell FTT, forcing FTX to face a liquidity crunch.

The above remarks are Lucas Nuzzi's personal opinions and speculations. (Source link)