The founder of the crypto exchange FTX is getting more and more criticism.
(Photo: The Washington Post/Getty Images)
new York FTX founder Sam Bankman-Fried is said to have used almost three quarters of the money that investors had pledged in a financing round in 2021 for his own purposes. The Wall Street Journal reports.
FTX had raised $420 million from a number of big-name investors in October last year. The cryptocurrency exchange, now the third largest in the world, stated at the time that it wanted to use the money to promote its own company growth. The investment should also improve the user-friendliness of the platform and cooperation with regulators.
According to the newspaper report, however, it was not mentioned that $300 million did not go to FTX, but rather to founder and CEO Bankman-Fried. He sold part of his stake in the company. The “Wall Street Journal” quotes from relevant financial documents and insider circles.
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