My favourite unsubstantiated theory about FTX is that its fraud was a solution for Tether's liquidity and banking woes.
Twitter user Bitfinexed has speculated that Alameda Research's losing trades have counterparties that are associated with Tether and that the trades acted as a means of funnelling money into the struggling stablecoin.
He further alleges that Tether have been heavily minting coins to wash trade and inflate crypto asset prices. The liquidity from FTX would have been used to cover withdrawals by Tether customers since the start of the bear market.
I'm not qualified to assess the veracity of these claims but Bitfinexed has called a number of scams and collapses in cryptology before they have come to pass.
Twitter user Bitfinexed has speculated that Alameda Research's losing trades have counterparties that are associated with Tether and that the trades acted as a means of funnelling money into the struggling stablecoin.
He further alleges that Tether have been heavily minting coins to wash trade and inflate crypto asset prices. The liquidity from FTX would have been used to cover withdrawals by Tether customers since the start of the bear market.
I'm not qualified to assess the veracity of these claims but Bitfinexed has called a number of scams and collapses in cryptology before they have come to pass.