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FTX

2 published posts.

Made whole in a unit I never held

FTX is about to pay my claim, nearly three years after the collapse: in dollars, at the price of ETH on the day it went bankrupt. A Sui protocol exploited this month is doing the same. Why a recovery of 100% or more in dollars is a short position on the coin you held, with the arithmetic.

Crypto

The week my ETH turned out to be an IOU

I never held much on FTX, so I thought the collapse would pass me by. Then I learned that the ETH in my Solana options vault was soETH, a token backed by FTX and Alameda. What happened this week, what a wrapped token really is, how to read its price as a recovery estimate, and the rules I am keeping.

Crypto