Alameda out to pasture

FTX’s woes continue with the “winding down” of its partner firm, though some say that over the hill there can be heard the gallop of a white knight and his steed on the way to save the day.

• A new potential savior for Sam Bankman Fried’s FTX has emerged after Binance backtracked on the deal to purchase the troubled crypto exchange. Its rescue might come from Tron founder Justin Sun, who said he had a plan that would allow FTX users to “return to normalcy.” Given the chaos the market is in rn, “normalcy” seems like a tall order.
• Don’t worry, FTX isn’t putting all its eggs in one basket again. The exchange has also reportedly approached rival exchange Kraken for a buy-out deal, though the details of the negotiations are not yet known. Kraken maintains that it hasn’t been affected by the FTX collapse in any material way as other exchanges ready their proof of reserves.
• FTX’s sister firm, Alameda Research, is also “winding down” after running into liquidity issues of its own. SBF says the firm is “doing everything they can to raise liquidity” though that’s not doing much to soothe investors. On the plus side, he’s taking full responsibility for the whole thing, which is more than Do Kwon did in the immediate aftermath of Terra’s fall.