One of the most challenging and potential issues facing FTX Thunder is that the wrapper Sollet token of the solana ecosystem, i.e. soBTC, is widely used in lending and AMM platforms. The problem is that these tokens are issued by FTX (or Alameda, no one really knows).
This is very problematic as almost all major DeFi platforms have soBTC assets as collateral as it has long been considered the de facto BTC in the Solana space. If soBTC proves to be worthless, it may exacerbate risk contagion on more dimensions.