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This story doesn't quite make sense and is likely missing pretty crucial pieces. The numbers aren't big enough to explain the actions.

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Bloomberg Crypto

@crypto

Nov 9, 2020

Official

Cryptocurrency investment firm Cred filed for bankruptcy after its founder got into a bitter legal fight and the company’s Bitcoin hedging strategy foundered trib.al/DjhSSN7

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misappropriated 3mil, but liabilities 500mil

SBF

@SBF_FTX

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@frxresearch

yup

4:26 AM · Nov 10, 2020Twitter Web App

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and

"$100 million and $500 million" - There's a big difference between both those numbers lol

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and

There’s no reason to speculate. The bankruptcy docket is public and you can see everything.