A Twitter user created a thread that details how and where things first went wrong with FTX and Alameda.

Zhu Su, the founder of Three Arrows Capital, cited a tweet in which the author said that although the thread was in the process of beginning to comprehend the Alameda business model, it erroneously concluded that Alameda ever had an advantage on low early trades.

He also said that the company operates using a mechanism that is very similar to that of FCoin transaction fee mining, and that their MM loses $150,000 per day while their exchange brings in $100,000 per day in fees.

He went on to clarify that MMs backed Alameda on FTX due to the fact that they were throwing out a significant amount of high-frequency trading income. They sought to assist Alameda in finding other channels through which it might get funding, much as how sharks in poker try to assist fish in locating additional resources. After that, Alameda was able to make money off of disc alpha, also known as hunting customers.

Since FTX and Alameda collapsed, Zhu Su has been trying to make a return by delivering insightful counsel via lyrical metaphors while tweeting criticism in a disguised form of Sam Bankman-Fried over the manner he manages his businesses.

Zhu has also dropped hints about the formation of a new trading firm in an interview with Bloomberg. He stated that the company might be an all-weather fund that invests in traditional financial assets as well as cryptocurrency. This type of fund is designed to perform reasonably well regardless of the state of the market.