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[CNBC] As crypto prices tanked this year, Bankman-Fried boasted that he and his enterprise were immune.
But in fact, the sectorwide wipeout hit his operation quite hard.
Alameda borrowed money to invest in failing digital asset firms this spring and summer to keep the industry afloat, then reportedly siphoned off FTX customers’ deposits to stave off margin calls and meet immediate debt obligations.
A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme.
Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware.
He’s stepped down from his leadership roles and lost 94% of his personal wealth in a single day. It is unclear exactly where he is now, as his $40 million Bahamas penthouse is reportedly up for sale.
The photos of his face plastered across FTX advertisements throughout downtown San Francisco serve as an unwelcome reminder of his rotting empire. [FULLSTORY]
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