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CZ said in his memoir that he never seriously considered acquiring FTX.
He directly revealed Alameda's bottom-line price at $22. With this price point sitting there, it either drops further or stalls, leaving little room for an increase. Such an extreme risk-reward ratio makes anyone want to short. Doesn't that essentially mean calling everyone to focus their fire and push the price down?
If it drops below $22, everyone can profit; if it doesn't break, they can walk away unscathed, guaranteed profit.
Looking back at Alameda's CEO back then, he was truly clueless:
FTX's makeshift operation, no matter how much they rely on narratives or try to package themselves with so-called AI, cannot undo such a fatal mistake.