The former crypto billionaire’s media tour is over
filed today ahead of Ray’s appearance before the House Financial Services Committee, he laid out five points that give us at least a hint about charges Bankman-Fried could potentially face:First, customer assets from FTX.com were commingled with assets from the Alameda trading platform.
Second, Alameda used client funds to engage in margin trading which exposed customer funds to massive losses. Third, the FTX Group went on a spending binge in late 2021 through 2022, during which approximately $5 billion was spent buying a myriad of businesses and investments, many of which may be worth only a fraction of what was paid for them.Fifth, Alameda’s business model as a market maker required deploying funds to various third party exchanges which were inherently unsafe, and further exacerbated by the limited protections offered in certain foreign jurisdictions.
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