How a Crypto Quant Firm Shook Off the Bear Market – and FTX Exposure

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Dong and team immediately requested a full withdrawal from FTX, but only 7% was recovered before the exchange suspended withdrawals. The remaining 3% loss was hedged or offset, first by shorting FTT tokens – the native token of the FTX exchange – and then by taking advantage of a temporary discount in bitcoin and ether futures on the Chicago Mercantile Exchange (CME) that were 3% to 5%, respectively, lower than comparable prices on Binance.