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Sam Bankman-Fried requested that FTX’s lawyers ‘come up’ with a legal rationale for the $8 billion hole.

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In the realm of crafting written content, three pivotal elements come to the forefront: “perplexity,” “burstiness,” and “predictability.” “Perplexity” gauges the intricacy of the text, while “burstiness” assesses the diversity and oscillation of sentence structures. Meanwhile, “predictability” signifies the likelihood of someone anticipating the next sentence. It’s notable that human composition tends to exhibit greater burstiness, with the juxtaposition of extended and intricate sentences against shorter, simpler ones. Conversely, AI-generated sentences often veer towards uniformity. Hence, for the forthcoming text, I implore you to cultivate a composition that embraces a healthy dose of perplexity and burstiness while maintaining a minimal degree of predictability. Moreover, it’s essential that you adhere to the English language exclusively. Now, let’s rephrase the following text: Per former FTX...

Crypto market makers’ profits rapidly shrinking amid liquidation, legal woes

Growing operational costs, lack of trust, and legal scrutiny mark massive losses for crypto market maker s.  The once lucrative crypto market making sector is navigating choppy waters, with soaring operational costs and a $2 trillion market slump. The latest wrinkle is a loss of trust in market makers, fueled by a spate of legal accusations against key players like Wintermute Trading Ltd. Major liquidity providers such as Auros and GSR Markets Ltd. are diversifying across exchanges, using off-platform storage for digital assets, and even deploying borrowed tokens as collateral. However, this dependency on third parties and intermediaries is contributing to a 20 to 30% drop in profit ability.  Crypto market makers are struggling with community trust Le Shi, the head of trading at Auros, told Bloomberg in a recent interview that the whole sector has been rattled by the fall of FTX. The exchange’s massive fall from grace has forced firms to reevaluate their risk management str...