(SBF might have hidden away some cash from a stake he reportedly sold to investors or from $2.7 billion in loans he took from Alameda Research.) filed for bankruptcy on Friday, November 11, and Bankman-Fried stepped down as CEO the same day. Forbes figures now it might be closer to zero. Bankman-Fried’s estimated fortune went from $17 billion to less than $1 billion in days. Bankman-Fried essentially admitted to trading using FTX customer assets in an exchange with a Vox reporter. ![]() Later reports from The Wall Street Journal and others alleged that Alameda Research used as much as $10 billion of customer funds from FTX to make its bets–something that is highly illegal. The revelation that at least $5.8 billion of Alameda’s assets were tied to FTX’s native token, FTT, caused investors to frantically withdraw their funds from the exchange. ![]() A skeptical report from Coindesk about the finances of FTX’s sister company, Alameda Research, kicked off the decline.
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