An analysis of FTX's nightmare balance sheet and Serum, an FTX-created coin and protocol, marked as the largest "deliverable" asset at ~$5.4B before November 8 (Matt Levine/Bloomberg)

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Matt Levine / Bloomberg:
An analysis of FTX's nightmare balance sheet and Serum, an FTX-created coin and protocol, marked as the largest “deliverable” asset at ~$5.4B before November 8  —  The box  —  There is so much, but I want to start with Serum.  —  If a troubled company has a few days …

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