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So we know that Binance had ~$500 million in FTT that's basically worthless now. But how many cryptocoin funds/exchanges are going to lie about their exposure to FTT now?
Much like how Luna/Terra ended up destroyed Three Arrows Capital (and the collapse of _THAT_ then caused Celsius and Voyager collapses), a collapse of this magnitude is going to chain-react and cause other groups to collapse.
Blackrock on the other hand has 10,000,000 million (aka: 10+ Trillion) in assets. Its a big bank and a few billion dollars gained (or lost) here or there is "basically a Tuesday" for them. I don't see this spreading out to the mainstream economy, aside from embarrassing the cryptobro executives inside of Blackrock.
EDIT: Celsius's collapse was in June, while Terra/Luna's collapse was in May. So these sorts of chain-reactions are delayed by a month or so. I guess we'll find out who was exposed to this risk within the next month or two...
I basically agree, even the hyperbolic 36B number I gave is not systemic meaning not going a lot outside of Crypto. However, crypto has been damaged badly by these repeated exchange collapses. I expect to see more of that in the coming months and year.
FTX was seen as some kind of crypto exchange savior mere weeks ago, with FTX and Sam Bankman-Fried lauded by the press and most analysts. I looked and found *one* fairly obscure site which had actually done its research some months ago on FTX and did not like what they found. Their focus was on the claims that FTX had 'saved' some other exchanges and their investors, which they concluded was essentially a lie that had been spun up by FTX and the media. They did not have kind words for Bankman-Fried. This one, among hundreds of articles.
Objectively, this would imply that 99% of what one reads about the stability / ability of these exchanges and their leadership is total bunk.