April 2, 2023

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Ftx collapse, lawyers liquidator finds out: “So Sam Bankman-Fred ran the whole thing as if it were his fiefdom”

distancebankruptcy petition Presented byexchange Cryptocurrency firm FTX on November 11th, liquidators now in first bankruptcy hearing on Tuesday November 22nd said former CEO Bankman Fried Manage the platform as «personal fiefdom“with”large sums of money»is intended for activities unrelated to it. “We have witnessed one of the most sudden and difficult corporate collapses in American history,” he said. James Bromley From Sullivan and Cromwell To the United States Court, quoting Finalcial timesAdding, moreover, that the bankruptcy petition allowed “for the first time, everyone to see behind the lid and realize that The emperor was naked». Bromley announced the team’s discovery of bankruptcy, or that “big money” had been used for “things not related to business”. This included “approx 300 Million dollars worth of real estate in the Bahamas that were homes and vacation properties used by top FTX executives. But not only. Alameda Researchthe digital currency company also founded by Bankman-Fried, has allegedly used large FTX funds, worth billions of dollars, “to make risky investments in projects like Sequoia Capital And in society like SpaceX From Elon Musk». Bromley also revealed that his team of attorneys and investigators will investigate a transaction that occurred last year between FTX and binance. L’exchange Of competing cryptocurrencies, he runs it Changpeng ZhaoIn fact, he allegedly sold an “ownership interest in FTX for approximately $2.1 billion in cash and cryptocurrency.” During suspension, as you mentioned BBCSome participants reported losing their savings after the FTX crash. The next session should be determined, according to the American mediaJan 11th.

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