A very important nuance for everyone following this.<p>SBF keeps saying there was a <i>liquidity</i> crisis at FTX, which is 100% not true. A liquidity crisis implies that he took deposits, flipped them into good, but illiquid investments, and ran into trouble because people asked for more cash than FTX had on hand.<p>FTX <i>actually</i> had a <i>solvency</i> crisis, where he took deposits, put them in completely inappropriate investments (many of which are now worthless, all of which were speculative nonsense) and is now revealed to have done that.<p>He's using the concepts of "bank runs" and "liquidity crises" because that's sort of an "aww shucks, got caught in an unfortunate circumstance" situation when what he <i>actually</i> did was one of the stupidest and most malicious things anyone in "finance" has ever done.