Read_674 – FTX & Alameda, Through the Looking Glass [NYDIG]

“I will start with the conclusion: my piece failed. Nothing has changed. DeFi-driven blowups have continued. Therefore, in the strongest possible terms, I repeat, with humility: do not invest in non-Bitcoin crypto. Do not invest in non-Bitcoin DeFi. This is why NYDIG is a bitcoin company. Always has been, always will be.” – Ross Stevens

Today we take a short dive down the FTX and Alameda rabbit hole with an article put out from NYDIG and Stone Ridge that prefaces the situation with a call to action for those in the space, and then is followed by a breakdown of the events and what we know so far from Greg Cipolaro. If you are wondering what has been going on in crypto, this is a good place to start.

Check out the mentioned article below written 6 months ago on the risks and potential failures of crypto and Defi with the incredible piece co-authored by Ross Stevens, Nic Carter, & Allen Farrington:

Check out the original shareholder letter at the link below:

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“It is always from a minority acting in ways different from what the majority would prescribe that the majority in the end learns to do better.” – F.A. Hayek
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