REEF updates

  1. Reef states that we initially invested $20m and additionally conveyed interest in investing another $60m. This is not true; we initially agreed to an $80m trade and locked in the price for the entire size. After settling the first tranche, Reef reneged and refused to settle the following tranches.
  2. Clearly there were some differing expectations around the trade in terms of PR, etc; we apologize for any miscommunications on our part that may have contributed to that. However, we feel that the trade was agreed on unambiguously and that backing out after the fact is an act of bad faith on the part of Reef.
  3. Although it is not relevant for the terms of the deal, it is not true that Alameda immediately sold all of the REEF.

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