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FTX CEO made $4 billion transfer to Alameda Research

FTX CEO made $4 billion transfer to Alameda Research

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by dapp_writer005

3 years ago


Reuters informs that FTX's current liquidity crisis is possible due to the fact that the head devoted more time to his other organization - Alameda Research. Sam Bankman-Fried made a $4 billion Alameda transaction, containing user deposits, before the crisis. In addition, he did not tell the rest of the FTX management about this, explaining that he wanted to keep information about Alameda's shortcomings confidential.

There is evidence that the problems in FTX already existed even before Bankman-Fried began to take action to save the rest of the crypto companies.

People, close to the CEO, claim that FTX and Alameda Research did not take into account macroeconomic conditions, rising inflation and interest rates. This led to material damage and a drop in the liquidity of companies.

Reuters also has information that fierce competition and a struggle for market share has been between FTX and Binance over the past months.

Earlier it became known that the FTX exchange limited the possibility of registering and withdrawing funds from the platform. Due to the collapse of FTX, star investors could lose more than $600 million.

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