The LFG created & advertised a $3b Bitcoin reserve to defend the UST peg. Even if we grant zero embezzlement, there are big problems with how trades were executed.
Here are some brilliant insights from @Galois_Capital, former Head of Trading for Kraken turned hedge fund trader.
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Part 2 Editor's note: This is why we need more transparency and accountability surrounding the circumstances of the trades - the information we have now simply isn't enough, especially since there is a fair chance that some level of investor fraud occurred during deployal.pic.twitter.com/MgFOPgQRc2
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Fascinating
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