The liquidity crunch came after Bankman-Fried secretly moved US$10 billion of FTX customer funds to Alameda, Reuters reported, citing two people familiar with the matter. At least US$1 billion in customer funds had vanished, the people said.
Bankman-Fried told Reuters the company did not"secretly transfer" but rather misread its"confusing internal labeling." Asked about the missing funds, he responded:"???" In a series of interviews and public appearances in late November and December, Bankman-Fried acknowledged risk management failures but sought to distance himself from accusations of fraud, saying heon FTX with funds at his proprietary trading firm, Alameda Research.
"I didn't ever try to commit fraud," Bankman-Fried said in a Nov 30 interview at the New York Times' Dealbook Summit, adding he doesn't personally think he has any criminal liability.The US Attorney's Office in Manhattan, led by veteran securities fraud prosecutor Williams, in mid-November began investigating how FTX handled customer funds, a source with knowledge of the probe told Reuters.
FTX's demise marked the latest turmoil for the cryptocurrency industry this year. The overall crypto market has slumped amid a string of meltdowns that have taken down other key players including Voyager Digital and Celsius Network.
Hey are u sure he looks this handsome? You also want to do PR for him?
Finally
I wonder will the 'FOMO' govsingapore call for an extradition of Bankman-Fried to face a 'testifying' session in the Parliament. Temasek leehsienloong LawrenceWongST VivianBala kshanmugam BeritaHarianSG straits_times MothershipSG wpsg 8worldnews SCMPAsia
With that kind of money he should be hiding in Golden Triangle Thailand and became a warlord
I want to learn how Temasek invested in his scam so easily. This big mouth SBF will likely spill the beans more.
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