Hard to say, because we can only speculate on the true state of Alameda. Sam Bankman-Fried owns both Alameda and FTX and so while they’re separate entities, the

Hard to say, because we can only speculate on the true state of Alameda. Sam Bankman-Fried owns both Alameda and FTX and so while they’re separate entities, they are co-mingled in many ways. Assuming FTX is a profitable enterprise (a big question in the current market) then any problems Alameda faces could be addressed by SBF leveraging FTX in some way to bail Alameda out… but it’s also plausible that FTX is dependent upon Alameda and that Alameda’s faltering could take down FTX. My guess is that an Alameda implosion is unlikely because, as far as I can tell, they’re not engaging in fraudulent behaviour, just crypto hubris… and so, worst case, they have to scale back their activity… but if they are reliant on third-party capital, and the current economic trend continues… it seems plausible that could trigger major problems in the crypto world.