.novogratz compared the downfall of FTX_Official to that of Theranos
that FTX allegedly used customers' funds to prop up the Alameda Research trading firm. Novogratz claims that Alameda made large investments in"illiquid stuff."The cryptocurrency mogul says he is not certain whether FTX's actions were illegal, but he says that it certainly"feels immoral. Either way it has been a body blow to trust…Markets are all about trust."Novogratz says that he is"furious" because the current crisis is"frustrating.
Earlier today, Bankman-Fried announced that Alameda Research, the crypto firm that used to rule the roost in the crypto market, is now winding down. Stablecoin issuer Tether also froze $46 million of USDT held by FTX due to a law enforcement request.
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