The collapse of crypto firm FTX and former CEO Sam Bankman-Fried's arrest has left many wondering where the money went.
Reports say Alameda improperly received billions of dollars in FTX customers' funds and leveraged those funds to make risky investments that didn't pan out and led to the failure of both the hedge fund and FTX when the firms were unable to repay their lenders. Notably, BlockFi filed a lawsuit against a holding company associated with Bankman-Fried that defaulted on awith shares in Robinhood Markets before the firms entered bankruptcy.
DEM, GOP REPS REACT TO TIMING OF BANKMAN-FRIED ARREST RIGHT BEFORE HOUSE HEARING: ‘IT’S VERY FRUSTRATING' Among the entities that received funds within this silo include AI safety firm Anthropic; venture capital firm K5; financial app Dave Inc.; Sequoia Capital, which is one of the oldest and largest Silicon Valley venture capital firms; blockchain startup Mysten Labs; and other companies.This illustration photo shows a smart phone screen displaying the logo of FTX, the crypto exchange platform, with a screen showing the FTX website in the background in Arlington, Va. on Feb. 10, 2022.
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FTX US 'Was Not Independent' of Parent Company, New FTX CEO Will Say in House TestimonyFTX US “was not independent” of its parent company, new FTX CEO John Ray III plans to say in his testimony before the House Financial Services Committee on Tuesday. nikhileshde reports
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Feds charge former FTX CEO Sam Bankman-Fried with money laundering and all kinds of fraudThe authorities arrested Bankman-Fried on Monday night.
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FTX CEO blames 'grossly inexperienced' owners for collapse, says customer money funded risky Alameda tradesFTX CEO John Ray III told House lawmakers that the 'grossly inexperienced and unsophisticated individuals' running the company had absolute control over customers' funds, which they lost.
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Who is Sam Bankman-Fried, the FTX ex-CEO who is now facing criminal charges?The California native known as SBF never cared for school and was a billionaire in his twenties. But who is the man behind the headlines? Here are some details to know:
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With FTX’s Founder Facing Charges, New CEO Details Lack of Independence of FTX USAs SBF_FTX faced charges Tuesday morning, the bankruptcy specialist handling FTX_Official told lawmakers the company had “absolutely no internal controls” and accounting was done on consumer software QuickBooks. jesseahamilton reports.
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