Jamie Loftus

His net worth falls 94% in a day.

Because they realized that all of the money is gone, that he'd been taking money from one business and using to gamble in another and also to pay him and his friends.

And all of the money that the investors had put in, when they tried to withdraw it, their money that was supposed to be in there on paper, none of the money existed.

Because again, he'd stolen it.

Yeah.

Anyway, the context of this article makes it clear that he felt like, I don't know, whatever.

This was all a confidence game, right?

That's the key.

Yeah.

All of this could work.

And the balance sheets, because people were looking at their balance sheet.

I'm making money.

I'm making money.

These returns are great.

And that money existed on paper until they tried to take it out.

Because then it actually wasn't there because he had already frittered it away.

It's a confidence game.

And we have an, you know, that's the way it actually worked.

We also know...

and this is all still coming out, so I'm not going to get too much into it, but we know that he had FTX loan himself, Sam Beckman Freed, about a billion dollars.