April 21, 2024

Reuters: The head of FTX secretly transferred $ 4 billion to Alameda Research on the eve of the crisis

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Reuters: The head of FTX secretly transferred $ 4 billion to Alameda Research on the eve of the crisis

According to the news agency, the liquidity crisis of the FTX exchange may be related to the CEO's intention to support his other company, Alameda Research.

Sam Bankman-Fried transferred about $4 billion, including customer deposits, to Alameda on the eve of the crisis, according toAt the same time , Bankman-Frieda did not inform other FTX executives about the operation, allegedly because of concerns that information about Alameda's problems couldbecome 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 to Bankman-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 subsequently led to losses and the collapse of the crypto exchange's liquidity.

Insiders told Reuters about the fierce rivalry between FTX and Binance, which have been battling for market shares in recent months and have suspected each other of seeking to hurt business.

Earlier it became known that Binance was officially released
from the deal to acquire the FTX exchange.