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According to the news agency, the liquidity crisis on the FTX exchange may be related to the CEO's intention to support his other company, Alameda Research.
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Sam Bankman-Fried (Sam Bankman-Fried) the day beforecrisis has transferred about $4 billion, including deposits of clients, to Alameda, sources assure Reuters. At the same time, Bankman-Frida did not inform other FTX executives about the operation, allegedly due to fears that information about Alameda's problems could become public.
According to insider information, FTX's problems began even earlier, when Bankman-Fried was actively trying to save other failing cryptocurrency companies.
According to several people close toBankman-Fried, FTX and Alameda Research did not take into account macroeconomic conditions, high inflation and rising interest rates. They made a number of critical mistakes, which later led to losses and the collapse of the liquidity of the crypto exchange.
Insiders told Reuters of a bitter rivalry between FTX and Binance, which have been vying for market share in recent months and suspected each other of trying to hurt business.
Earlier it became known that Binance officially released
from the acquisition of the FTX exchange.