Report: Sam Bankman-Fried Used FTX Customer Accounts to Fund Investment Firm

that a source claims the quant trading firm Sam Bankman-Fried founded, Alameda Research, used customer deposit from his exchange FTX in a way that went unnoticed by investors, employees, and auditors. The source claims that Alameda Research used billions of dollars from FTX users without their knowledge.

FTX’s largest client was allegedly Alameda Research. Because the assets it traded were not recorded on its own balance sheet, the hedge fund was able to conceal its activities. Instead of holding any money, FTX users loaned billions to the fund, which then used it to trade, the source said. Bankman-Fried told CNBC that: “A margin position took a huge hit.” Some of the leveraged trades that the quant fund made were secured using FTT, a cryptocurrency issued by the exchange as collateral. When a lending agreement is established, collateral is usually the borrower’s pledge to secure repayment. In this situation, Alameda allegedly borrowed from FTX, which then used its own cryptocurrency, the FTT token, as collateral.

Short hunchback rubbing his greedy paws over your investment.

Right On The Money

I’d like to see a list of pols who received the donations. Seeing some rumors but cannot substantiate.

And donated millions of dollars to the democrat party, democrats are a corruption and cancer on America.

I'd be willing to bet Alameda and FTX aren't the only ones

POTUS wasn’t he your close buddy? Huge donations to you and Democrats?

Robbing Peter to pay Paul smells like a Ponzi scheme.

This should be the biggest story on the planet right now. The amount of money funneled through his companies, the Ukraine and the Democratic Party should be the talk of the town.

damn have a write on the weekend. twitter was already all over this.

Money laundering at its finest

US Government gave to Ukraine, who gave to FTX, who gave to Democrats. See how this works?

Can you say ponzi scheme

The Dems darling is going to prison… Or will he

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Source: CNBC - 🏆 12. / 72 Read more »