Among the 130 or so companies in Sam Bankman-Fried’s sprawling crypto empire, North Dimension Inc. assumed a low profile. Unlike FTX, its name wasn’t splashed on billboards or sporting arenas, and its business wasn’t promoted by celebrities.
Still, North Dimension had a crucial role in the FTX mess, regulators now say. In fact, they contend, the little-known company was central to the furtive misappropriation of FTX customers’ funds.
As a subsidiary of Alameda Research, the crypto hedge fund and trading firm also founded by Bankman-Fried, North Dimension was where FTX customers were told to wire money if they wanted to trade on its exchange, according to a complaint filed Wednesday by the Securities and Exchange Commission.
But North Dimension Inc. also appears to have been a fake online electronics retailer, an NBC News investigation found. Its website, now disabled, is archived on the internet.
Source: This little-known firm with a weird website was central to the misappropriation of FTX customers’ money, regulators say