Trump’s World Liberty Financial Makes FTX-esque Move, Borrows Against Its Own Crypto Token
THE SO WHAT
Borrowing against your own thinly traded token is the same reflex that broke FTX — reflexive collateral with no external price discipline. If you’re exposed to any tokenized ecosystem, map where your counterparties are rehypothecating their own instruments and assume that stack is procyclical leverage, not capital.
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