Seems like a domino in the lead-up to SVB's collapse.

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Thanks for writing a timely piece.

I think FTT should be included in the Asset side.

Although FTT is issued by FTX, it is not a financial asset which is also a debt of the issuer.

Gold is to nobody's liability what FTT is to FTX's asset(not liability)

As you can see B/S in https://www.ft.com/content/0c2a55b6-d34c-4685-8a8d-3c9628f1f185,

FTT is in asset side not in liability side.

Correct me if I'm wrong.


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