From Terra to FTX
The hole in Terra travelled along credit exposure — first to a hedge fund, then to lending platforms and exchanges — and within six months several institutions had stopped operating.
Watch it happen in “The Contagion” →Why it happened
- 01机构之间互相借贷，一方的敞口就是另一方的窟窿。
- 02倒下的顺序由敞口大小决定，不是由恐慌情绪决定。
- 03抵押品在下跌中被同时清算，清算本身进一步压低价格。
- 04FTX 与关联交易公司之间的资金关系长期存在但未被公开看见。
Before · After
Before
Crypto credit markets were held to be safe because they were collateralized.
After
Exposure between institutions was re-examined, and on-chain verifiable proof of collateral became a general requirement.
Why it matters
Liquidation is supposed to be the brake. When everyone liquidates at once it becomes the fuel. Ethereum completed the Merge in the same period, and the two paths stand as a contrast.
Related entities
Sources
- Level AFTX Trading Ltd. 破产申请
Unverified · Case No. 22-11068 (JTD)。经 PACER 或法院重整信息网站检索原始文件。
- Level AUST 脱锚与 Terra 网络停止出块
Unverified · Terra Classic 链上区块与铸销记录；另有多家监管机构其后的调查文件可对照。