Mr Cooper Group Inc (COOP)

[David West]

Sounds familiar.

So, how did Bankman-Fried do it? Ben McMillan, co-founder of IDX Digital Assets, spells it out with a simple analogy:

In a hypothetical scenario, imagine someone owns every house in a 100-home neighborhood and forces the sale of one home for $1 million, then uses that sale to show they have $100 million in "equity." But then, the owner (WMI) is forced to sell (declare bankruptcy) all the remaining 99 homes, and the houses only sell for $100,000 each – meaning $90 million of their so-called equity disappears.

90% of declared equity - phffft!

But that equity never existed in the first place.

https://www.foxbusiness.com/markets/ftx-sam-bankman-frieds-house-cards-came-tumbling-down