“It was a combination of the crash in the spring that took 50% out of asset values, combined with a hyper-correlated crash scenario this month in which simultaneously we saw a 50% decline in relevant asset prices over a two-day period, combined with a complete run on the bank on FTX, combined with the fact that there’s a margin position on FTX that was substantially larger than it appeared to be,” Bankman-Fried said.
