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Cause: The source comes from a report by @CoinDesk, which found that Alameda’s largest single asset holding and a large amount of collateral are

$FTT, sparking market discussion about the risks and opacity of its assets,

Boost: Subsequently, Binance announced that it would liquidate its FTT holdings, further fueling the incident.

Counterattack: Alameda also said that he would take all CZ's chips, and this battle was back and forth.

The collateral for large-scale lending is most likely FTX, but it is not on a centralized DEX. FTX has previously provided interest rates higher than the market average (higher than Binance). High interest rates and the mortgage of FTX have triggered discussions and concerns.