Tag: FTX

They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed FTX Empire – WSJ

The emerging picture suggests FTX wasn’t simply felled by a rival, or undone by a bad trade or the relentless fall this year in the value of cryptocurrencies. Instead, it had long been a chaotic mess. From its earliest days, the firm was an unruly agglomeration of corporate entities, customer assets and Mr. Bankman-Fried himself, according to court papers, company…

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Interview: Fallen crypto CEO Sam Bankman-Fried opens up about FTX, Alameda Research, and his regrets – Vox

Last night, Sam Bankman-Fried DMed me on Twitter. That was surprising. I’d spoken to Bankman-Fried via Zoom earlier in the summer when I was working on a profile of him, so I reached out to him via DM on November 13, after news broke that his cryptocurrency exchange had collapsed, with billions in customer deposits apparently gone. I didn’t expect…

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Sam Bankman-Fried, Tom Brady and other FTX endorsers face class-action suit – The Washington Post

A lawsuit filed by one of the country’s most prominent attorneys seeks to extract billions of dollars from a cryptocurrency executive as well as a star-studded cast of his 11 paid endorsers, including quarterback Tom Brady, supermodel Gisele Bündchen, comedian Larry David, NBA star Stephen Curry and tennis star Naomi Osaka. The scope of the case filed Wednesday by David…

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Opinion | The collapse of FTX demands a reckoning in the crypto industry – The Washington Post

Crypto assets are just traditional assets but on the blockchain, a digital ledger. The key to figuring out which rules to apply is finding the right analogies: What about crypto is the equivalent of a security, what’s a commodity, what’s a collectible? What’s a broker, what’s a bank? Crypto entities sometimes blur these lines, playing prime brokerage and exchange and…

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FTX’s Collapse Leaves Employees Sick With Anger – WSJ

The implosion of FTX was financially ruinous for some employees. Outside the U.S., many staff were paid via direct deposit to their accounts on the cryptocurrency exchange, so when FTX froze customer withdrawals last week, these employees couldn’t access their funds, people familiar with the matter said. “You have to understand just how devastated the average FTX employee was,” said…

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Gary Gensler under pressure over FTX debacle | Fortune

The implosion of FTX has become the financial scandal of the decade, and U.S. lawmakers are already demanding to know who’s to blame. On Tuesday, the Senate banking committee grilled members of the Fed and other financial agencies about how FTX could have torched billions of customer and investor funds without anybody noticing. The hearing produced some finger-pointing and calls…

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