Denver Sam Bankman-Fried searched for investors to save his crypto companies until the end. But on Thursday evening there were signs of bankruptcy of the trading platform FTX and the sister company Alameda Research, which is said to have speculated with risky bets.
The Bahamian Securities and Exchange Commission, where FTX is based, has frozen the exchange’s assets and appointed a liquidator, the agency said. According to media reports, Bankman-Fried is said to have used billions of dollars in customer funds from FTX to grant loans to his hedge fund Alameda-Research. Alameda is known for highly speculative trading strategies and is said to be in trouble, the Wall Street Journal reported.
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