FBI, what on Earth was happening back in 2022 for these surveillance people in Chelsea to say that if Gunnar went to the Bloomberg Crypto Summit that Gunnar would be arrested? So strange then? Funny now for you. Meanwhile, Sullivan & Cromwell had a T -15 months from FTX blowing up. The Bloomberg Crypto Summit holds clues to FTX going under. Poor Sam! Gunnar --- Live Updates: FTX's Sam Bankman-Fried at Bloomberg Crypto Summit - Bloomberg https://www.bloomberg.com/news/live-blog/2022-07-18/ftx-s-sam-bankman-fried-... Jul 1912:11 ‘Herd behavior’ drove much of crypto rout, Bankman-Fried Says Recent downturn helped shake out weaker players, he says Stability in markets, not volatility, better for growth ‘Moderately bad’ deals acceptable to foster stability, he says Thanks for tuning into the session. Here are some key takeaways from Sam Bankman-Fried’s interview with Matt Levine at the Bloomberg Crypto Summit: In bailing out crypto companies, Bankman-Fried said he wanted to make sure customers got their deposits back. “We need to be a good, constructive actor in this space,” he said about his efforts to avert a crypto contagion. Some companies Bankman-Fried talked about bailouts with didn’t know or couldn’t provide numbers on their own balance sheets, he said. On Three Arrows Capital, the crypto hedge fund that filed for bankruptcy, Bankman-Fried said “their trading was probably more like punting than arbitrage making.” It’s not that their positions were illiquid, they just lost their money, he said. While volatility can be good for exchanges in the short term, stability and a healthy ecosystem is what benefits the players in the long term, he said. FTX keeps its treasury in dollars, he said. It also doesn’t let its users’ accounts to go negative, exercising prudent risk management. Olga Kharif Technology Reporter