So if I'm understanding this correctly, a trader managed to:
1. Buy a bunch of mobilecoin, a thinly traded coin, below $10.
2. Single handedly pump the coin price to $60, due to the market's illiquidity
3. Instead of trying to sell at $60 (which wouldn't work because there wasn't actually a market for the coin), the trader simply borrowed dollars from FTX at the $60 value
4. The coin price eventually returned to $10 but the trader had effectively cashed out at a higher price by borrowing from ftx against the (now worthless) collateral
5. Presumably, the trader then simply defaulted on his loans to FTX and kept the money.
Is this right? Crazy if true.