NEW YORK – At least US$1 billion (S$1.4 billion) of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange's founder Sam Bankman-Fried secretly transferred US$10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters. A large portion of that total has since disappeared,...
Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken on Nov 10.NEW YORK – At least US$1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.
While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time. Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week. A rescue deal with rival exchange Binance fell through, precipitating crypto's highest-profile collapse in recent years.
In a tweet on Friday, Bankman-Fried said he was "piecing together" what had happened at FTX. "I was shocked to see things unravel the way they did earlier this week," he wrote. "I will, soon, write up a more complete post on the play by play."At the heart of FTX's problems were losses at Alameda that most FTX executives did not know about, Reuters has previously reported.
That Sunday, Bankman-Fried held a meeting with several executives in the Bahamas capital Nassau to calculate how much outside funding he needed to cover FTX's shortfall, the two people with knowledge of FTX's finances said.Bankman-Fried showed several spreadsheets to the heads of the company's regulatory and legal teams that revealed FTX had moved around US$10 billion in client funds from FTX to Alameda, the two people said.
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