“The November crash was a targeted attack on assets held by Alameda, not a broad market move … As a result, the larger hedge that Alameda had finally put on that summer didn’t end up helping. It would have for every previous crash that year – but not for this one,” Bankman-Fried wrote. “Over the course of November 7th and 8th, things went from stressful but mostly under control to clearly insolvent.”


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