SBF is a stone cold idiot on so many levels that it defies comprehension.

It seriously hurts my brain how short-sighted and stupid his actions have been. I need to write it out. I’m sure I’m missing some, please add.

1. He had a huge fucking exchange. Making massive profits. But decided to sell user assets… because reasons?

2. He had his own token, literal free money. But then he used this as collateral? Because leverage is cool?

3. By owning a huge bag of FTT token, CZ had SBF’s balls in his hands… so SBF decided to fuck with CZ both on twitter and in conversations with regulators? Holy shit the stupidity.

4. A week ago, SBF had a net worth of $16B. His FTX exchange had a balance hole of $6B. Anyone else see a fucking problem here? Plug the hole, live with only $10B.

5. 19 year stadium naming right deal for $135M in Miami and another deal for $16M in California looks like an excellent allocation of resources.

My take is that CZ couldn’t possibly have expected SBF to be in such a precarious position. Leveraging out to this extent when you have a profitable, cash-flowing, established brand is just insanely stupid.

So SBF fucked with him, CZ gave him a little backhand slap to put him back in his lane, but SBF was sitting on a house of cards.

Holy fuck. Buy a wallet people.