Posted on 11/11/2022 11:43:22 PM PST by dennisw
$2BN of clients' money is MISSING from collapsed crypto exchange FTX: Founder Sam Bankman-Fried 'secretly transferred $10BN to trading company Alameda Research run by his girlfriend'
FTX founder Sam Bankman-Fried allegedly shuffled $10billion in funds to his trading firm Alameda Research, with about $2billion now missing
Sources said that the CEO showed spreadsheets revealing the missing funds from FTX, which along with Alameda declared bankruptcy
Bankman-Fried denied making the secret transfers to his crypto trading firm, which is run by his girlfriend, Caroline Ellison He declined to comment about the missing funds and said his firm had 'confusing internal labeling' The SEC, which has been criticized for not acting sooner, is investigating FTX's handling of customer funds, as well its crypto-lending activities
About $2billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.
Founder and CEO Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to the trading company Alameda Research, which is run by his girlfriend Caroline Ellison, the people told Reuters.
A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.
While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time.
The financial hole was revealed in records that Bankman-Fried shared with other senior executives last Sunday, according to the two sources.
The records provided an up-to-date account of the situation at the time, they said. Both sources held senior FTX positions until this week and said they were briefed on the company's finances by top staff.
Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week.
(Excerpt) Read more at dailymail.co.uk ...
“ Bahamas-based FTX filed for bankruptcy”
No that’s not a tip off - the BAHAHAHAHAMAS
“This is the new America. Elections stolen everywhere; no accountability for financial organizations. Every man out for himself. PREPARE AND PLAN ACCORDINGLY.”
Please tell me you have written a book on how to do that...I will buy it!
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