Following US sanctions, Huione Pay, the world's largest money laundering network in Cambodia, experienced a massive run on its banks. On December 1, it abruptly announced a shutdown until January 5 of next year and initiated a deferred repayment plan. Large queues of users have formed outside its Phnom Penh headquarters. https://t.co/dQ8J98V3Sy ...

Core Viewpoint - Sam Bankman-Fried asserts that FTX was not insolvent but faced a liquidity crisis, claiming that the bankruptcy was a result of panic withdrawals rather than a genuine balance sheet deficit [1][3]. Financial Position and Customer Repayments - Bankman-Fried claims that customers will receive between 119% and 143% of their owed funds, with 98% already repaid at 120% [2] - He states that FTX's $8 billion customer liabilities "never left," and after covering approximately $1 billion in legal fees, the estate still holds $8 billion in assets [2] - The document argues that FTX had sufficient assets to pay creditors both in November 2022 and currently [2][4]. Narrative of the Collapse - Bankman-Fried describes FTX's downfall as a "classic bank run" driven by panic, with withdrawals exceeding liquidity but not solvency [3] - He contends that financing and asset sales were in progress to restore withdrawals before bankruptcy was filed [4]. Criticism of Bankruptcy Administration - The document criticizes bankruptcy administrators for prematurely liquidating assets, which included high-value holdings that have since appreciated significantly [5] - Bankman-Fried alleges that "insider-favored pricing" and high professional fees led to a loss of value that could have benefited creditors [5]. Asset Valuation and Holdings - The document estimates that FTX and Alameda's holdings totaled approximately $136 billion at the petition date, including significant positions in companies like Anthropic ($14.3 billion) and Robinhood ($7.6 billion) [6] - It disputes the decision to use US dollar-based payouts instead of crypto, arguing that this deprived creditors of potential gains from the subsequent market recovery [6]. Community Response - The crypto community has largely rejected Bankman-Fried's defense, accusing him of attempting to alter the narrative of events [7] - Critics highlight that customers experienced significant opportunity losses by receiving payouts at depressed 2022 prices rather than current market valuations [7].

OCC Chief Plays Down Stablecoin 'Bank Run' Fears► https://t.co/0bLDky4psD https://t.co/0bLDky4psD ...

aw man lmao everyone better hope the rumors about the yield on WLFI are not correct 😂 it's been not nearly long enough since we have a true bank run on an exchange that lent out customer assets without telling anyone ...