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In a congressional hearing about FTX's implosion, current CEO John Ray emphasized the lack of documentation at the firm and told lawmakers that the company was "old-fashioned embezzlement."
Ray, a veteran executive known for managing Enron after its collapse, called the lack of record keeping at FTX "unprecedented."
“We’re dealing with literally a sort of a paperless bankruptcy in terms of how they created this company,” said Ray.
Ray said he doesn't trust the records that are available. “We’ve lost a billion dollars of customer money. So by definition, I don’t trust a single piece of paper in this organization.”
“This is really old-fashioned embezzlement,” Ray said. “This is just taking money from customers and using it for your own purpose” and there’s nothing sophisticated about it, he added.
Source : Barrons
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Ray, a veteran executive known for managing Enron after its collapse, called the lack of record keeping at FTX "unprecedented."
“We’re dealing with literally a sort of a paperless bankruptcy in terms of how they created this company,” said Ray.
Ray said he doesn't trust the records that are available. “We’ve lost a billion dollars of customer money. So by definition, I don’t trust a single piece of paper in this organization.”
“This is really old-fashioned embezzlement,” Ray said. “This is just taking money from customers and using it for your own purpose” and there’s nothing sophisticated about it, he added.
Source : Barrons
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The U.S. House Financial Services Committee held a hearing Tuesday morning focused on FTX’s collapse, mere hours after the crypto exchange’s former CEO, Sam Bankman-Fried, was arrested in the Bahamas.
Bankman-Fried was originally scheduled to testify at the hearing, an appearance that was scuttled after he was taken into custody by Bahamian authorities in light of charges from the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and the Department of Justice’s Southern District of New York.
John J. Ray III, FTX’s CEO of four weeks, sat as the only witness for the hearing as Bankman-Fried reportedly made an appearance in a Bahamian court for his arraignment.
Source : Techcrunch
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Bankman-Fried was originally scheduled to testify at the hearing, an appearance that was scuttled after he was taken into custody by Bahamian authorities in light of charges from the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and the Department of Justice’s Southern District of New York.
John J. Ray III, FTX’s CEO of four weeks, sat as the only witness for the hearing as Bankman-Fried reportedly made an appearance in a Bahamian court for his arraignment.
Source : Techcrunch
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After two failed attempts to get the FTX founder to admit to “fraud”, the YouTube star believes he got him on the third attempt in a public Twitter Space.
He questioned Bankman-Fried on whether FTX were “treating client assets, just on the regular assets side, different from the margin trading side.” What this implies is keeping the funds of users, who signed on for different terms of services and risk levels, separate in case of a crash.
Bankman-Fried did state the exchange “were treating them differently”, but once questioned on why those “client assets no longer existed” on the exchange, the tone changed.
The FTX founder said they “processed $5-6 billion of withdrawals over the few days during the crash” with some billions left in the company’s estate, but users are unable to cash out on falling currencies due to the bankruptcy. He said all clients were treated equally, no matter the kinds of transactions they made on FTX — despite the fact clients did sign up for different risk levels.
With no clear cut on what funds were part of the exchange FTX or part of other ventures, like trading firm Alameda Research, it was ‘first come, first served’ for whatever money was left, leaving some users in the lurch.
“If you look at the withdrawals that happened, they weren’t only coming from people who never used margin trading, futures, staking, or anything else,” Bankman-Fried said. “Those weren’t just withdrawals from people who were keeping 1:1 back or keeping them as pure spot balances.
If you’re saying we should have held off withdrawals for everyone with an open futures position, for clawback potential, maybe that would have been the right thing to do.
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He questioned Bankman-Fried on whether FTX were “treating client assets, just on the regular assets side, different from the margin trading side.” What this implies is keeping the funds of users, who signed on for different terms of services and risk levels, separate in case of a crash.
Bankman-Fried did state the exchange “were treating them differently”, but once questioned on why those “client assets no longer existed” on the exchange, the tone changed.
The FTX founder said they “processed $5-6 billion of withdrawals over the few days during the crash” with some billions left in the company’s estate, but users are unable to cash out on falling currencies due to the bankruptcy. He said all clients were treated equally, no matter the kinds of transactions they made on FTX — despite the fact clients did sign up for different risk levels.
With no clear cut on what funds were part of the exchange FTX or part of other ventures, like trading firm Alameda Research, it was ‘first come, first served’ for whatever money was left, leaving some users in the lurch.
“If you look at the withdrawals that happened, they weren’t only coming from people who never used margin trading, futures, staking, or anything else,” Bankman-Fried said. “Those weren’t just withdrawals from people who were keeping 1:1 back or keeping them as pure spot balances.
If you’re saying we should have held off withdrawals for everyone with an open futures position, for clawback potential, maybe that would have been the right thing to do.
Stay tuned for more updates!
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Link in bio!
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The "Shark Tank" investor Kevin O'Leary said in an interview with Yahoo Finance that he would get his money back from FTX and that the collapsed crypto exchange needed to be audited before its CEO, Sam Bankman-Fried, could be found guilty of any wrongdoing.
"I've told all of my lawyers: Keep your phasers on stun until we have facts. Then we're going to get that money back," O'Leary said, later adding: "Who's going to jail? I have no idea. Who was fraudulent? I have no idea. But I will find out."
O'Leary was a paid FTX spokesperson and an investor in the exchange, and he had corporate accounts on the platform.
Source : Yahoo.finance
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"I've told all of my lawyers: Keep your phasers on stun until we have facts. Then we're going to get that money back," O'Leary said, later adding: "Who's going to jail? I have no idea. Who was fraudulent? I have no idea. But I will find out."
O'Leary was a paid FTX spokesperson and an investor in the exchange, and he had corporate accounts on the platform.
Source : Yahoo.finance
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FTX founder Sam Bankman-Fried said he couldn’t explain what happened to billions of dollars that customers of his failed cryptocurrency exchange sent to the bank accounts of his trading firm, Alameda Research.
And he said he couldn’t rule out the possibility that money deposited by FTX customers who were told their money was theirs alone was in fact lent to Alameda.
In an interview with The Wall Street Journal, Mr. Bankman-Fried distanced himself from Alameda, saying he had stepped back from running the firm and had little insight into its workings even though he owned 90% of it.
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Source: wallstreetjournal
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And he said he couldn’t rule out the possibility that money deposited by FTX customers who were told their money was theirs alone was in fact lent to Alameda.
In an interview with The Wall Street Journal, Mr. Bankman-Fried distanced himself from Alameda, saying he had stepped back from running the firm and had little insight into its workings even though he owned 90% of it.
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Source: wallstreetjournal
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Former CEO of FTX, Sam Bankman Fried, left a twitter space when confronted by Coffeezilla on whether Alameda was commingling funds with FTX.
FTX founder Sam Bankman-Fried tweeted on Sunday that he would testify before the House Financial Services Committee after he finished "learning and reviewing" the events that led to the spectacular collapse of his cryptocurrency exchange.
The U.S. House Financial Services Committee plans to hold a hearing in December to investigate the collapse of FTX and expects to hear from the companies and individuals involved, including founder and CEO Bankman-Fried.
Let's see how this turns out !
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Source: Coffeezilla
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FTX founder Sam Bankman-Fried tweeted on Sunday that he would testify before the House Financial Services Committee after he finished "learning and reviewing" the events that led to the spectacular collapse of his cryptocurrency exchange.
The U.S. House Financial Services Committee plans to hold a hearing in December to investigate the collapse of FTX and expects to hear from the companies and individuals involved, including founder and CEO Bankman-Fried.
Let's see how this turns out !
Stay tuned for part 2
Source: Coffeezilla
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Early staffers at Sam Bankman-Fried's first company, Alameda Research, say they quit over his approach to risk, compliance and accounting. How similar were those issues to ones that arose at the crypto exchange FTX?
Wall Street Journal special writer Gregory Zuckerman joins host Zoe Thomas to discuss what happened at Alameda and how much it foreshadowed FTX's downfall.
'Zoe Thomas: A lot of people have heard of FTX since the crisis with it began, and now a lot of people have heard of Alameda Research because of that. But, can you take us through the creation of Alameda? I mean, how did it get started?
Gregory Zuckerman: Of course. So, Sam Bankman-Fried, the man who's at the helm of this crypto exchange that's collapsed, called FTX, after MIT, after working on a firm called Jane Street, a trading firm, he left to start something called Alameda Research. This was going to be a firm that would focus on cryptocurrencies and trade them, quasi hedge fund type of firm. This was, we're talking 2017, about two years before he started FTX. So, the first business he started was Alameda Research.
Source: Wall Street Journal
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Wall Street Journal special writer Gregory Zuckerman joins host Zoe Thomas to discuss what happened at Alameda and how much it foreshadowed FTX's downfall.
'Zoe Thomas: A lot of people have heard of FTX since the crisis with it began, and now a lot of people have heard of Alameda Research because of that. But, can you take us through the creation of Alameda? I mean, how did it get started?
Gregory Zuckerman: Of course. So, Sam Bankman-Fried, the man who's at the helm of this crypto exchange that's collapsed, called FTX, after MIT, after working on a firm called Jane Street, a trading firm, he left to start something called Alameda Research. This was going to be a firm that would focus on cryptocurrencies and trade them, quasi hedge fund type of firm. This was, we're talking 2017, about two years before he started FTX. So, the first business he started was Alameda Research.
Source: Wall Street Journal
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Sam Bankman-Fried, the embattled former CEO of cryptocurrency giant FTX and trading firm Alameda Research, told ABC News he was ultimately responsible for the downfall of both companies, but denied that he knew "that there was any improper use of customer funds."
"I really, deeply wish that I had taken a lot more responsibility for understanding what the details were of what was going on," he said. "I should have been on top of this, and I feel really, really bad and regretful that I wasn't," he said. "A lot of people got hurt. And that's on me."
He said he took out a one billion dollar loan to reinvest in the company not for consumption.
Bankman-Fried said he currently owns just one ATM card and has $100,000 in his bank account, a drastic reversal from the estimated $20 billion net worth that thrust him into the spotlight. He ultimately blamed the collapse of FTX on his struggle with risk management.
Source: GMA
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"I really, deeply wish that I had taken a lot more responsibility for understanding what the details were of what was going on," he said. "I should have been on top of this, and I feel really, really bad and regretful that I wasn't," he said. "A lot of people got hurt. And that's on me."
He said he took out a one billion dollar loan to reinvest in the company not for consumption.
Bankman-Fried said he currently owns just one ATM card and has $100,000 in his bank account, a drastic reversal from the estimated $20 billion net worth that thrust him into the spotlight. He ultimately blamed the collapse of FTX on his struggle with risk management.
Source: GMA
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