FTX: How Sam Bankman-Fried built a house of cards - Fox Business
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Attorneys for fallen crypto exchange FTX argued at the firm's bankruptcy hearing Tuesday that the company served as founder Sam Bankman-Fried's personal "fiefdom," reaching $40 billion in market cap as of January before crashing in recent weeks to its current valuation of around $422 million.Sam Bankman-Fried, founder and chief executive officer of FTX, speaks during an interview on "Bloomberg Wealth with David Rubenstein" in New York on Aug 17, 2022.Then Bankman-Fried would borrow a lot of money against what was essentially a very large – and very fake – asset number.
FTX and Alameda accelerated the scenario by using the inflated asset number to take out very real liabilities, according to McMillan.6 that his firm was selling a large amount of FTT on the open market, and Alameda CEO Caroline Ellison quickly responded by offering to buy all the tokens for $22 each.
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Mutual Fund and ETF data provided by Refinitiv Lipper