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We believed crypto was going much higher. Why hedge something you believe in?
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The GBTC trade was printing money. Borrow Bitcoin, deposit into GBTC, wait for the premium, sell. Repeat.
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Luna was supposed to be a stablecoin. A stablecoin going to zero was not in our risk models.
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We went from $10 billion to zero in about two weeks. That's not a drawdown. That's an extinction event.
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I owe $3.5 billion to people who trusted me with their money. That weighs more than any amount of money I've ever had.