Part 1: What the FTX HappenedIntroduction2022, in the world of crypto, can be characterized by the unraveling of debt and fraud from centralized institutions. Between Terra/Luna, Three Arrows Capital, the collapse of CeFi lenders and the bankruptcy of FTX/Alameda, NAVs of close to $100 Billion were found to be gambled away and commingled. With FTX/Alameda, the executives were allegedly manipulating the book value of their balance sheets, misappropriating funds and insider trading. Ultimately,...