People familiar with the matter: the loss of crypto funds exposed to FTX may reach 1 billion to 5 billion US dollars

According to Blockworks citing sources, 25% to 40% of crypto hedge funds have some degree of direct exposure to FTX or FTT, and these funds generally have "7% to 12% of AUM in trouble, we expect direct exposure to Crypto hedge funds and crypto venture funds that crash FTX will lose more than $1 billion, possibly as much as $5 billion.”