Portrait – Next to Sam Bankman-Fried, the trader, at age 28, was president of Alameda Research, an affiliate of FTX.
The FTX’s downfall Never ceases to reveal its share of secrets. This cryptocurrency platform, once one of the most influential in the world, was placed under the protection of Chapter XI of the US Bankruptcy Code on November 11. Questioned? The token lost most of its value due to mismanagement of its assets associated with FTT and a multi-million dollar hack. For some experts, FTX is “Lehman BrothersCryptocurrencies, referring to the bankrupt bank during the 2008 crisis.
Subsequently, FTX trains 130 affiliated companies, including Alameda, an investment fund specializing in cryptocurrencies research. About $10 billion was transferred from FTX client accounts to Alameda Research to fund risky trades and investments. If its creator, Sam Bankman-Roast, the source of the setbacks, new revelations also highlight the role of one of the other faces of the scandal, Carolyn Ellison. On November 9, in a video conference, he confirmed the transfer of funds to his employees and apologized for cheating his employees.