If I read it correctly it's more like a 1.8 bn hole.
They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless.
I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd.
It's like writing yourself a bunch of IOUs and claiming it gives you wealth.
They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless.
I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd.
It's like writing yourself a bunch of IOUs and claiming it gives you wealth.