SBF published a review of the mine process and issued FTX US balance sheet proof of solvency

BlockBeats news: On January 12, SBF published a detailed review of the process of FTX's explosion. In mid-November, FTX International was actually insolvent. Three things combined to cause implosion: First, Alameda's balance sheet grew to approximately $100 billion of net asset value, $8 billion of net borrowings (leverage) and $7 billion of liquidity on hand during 2021; Second, Alameda failed to adequately hedge its market risk. During 2022, there were a series of massive broad-based market crashes in the stock and cryptocurrency space, resulting in a roughly 80% drop in the value of their assets. Third, Alameda was insolvent in November 2022 by an extreme, rapid, and targeted collapse facilitated by Binance's CEO. Eventually, Alameda's mishaps spread to FTX and beyond, similar to the way 3AC et al eventually affected Voyager, Genesis, Celsius, BlockFi, Gemini, etc. In addition, SBF released FTX US's previous balance sheet and used it to demonstrate that it remained fully solvent and could refund all of its clients' money.