12-11-2022, 19:51
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#81
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laeva recumbens anguis
Cable Forum Team
Join Date: Jun 2006
Age: 67
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Posts: 42,099
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Re: Bitcoin
https://www.bbc.co.uk/news/business-63601213
Quote:
Crypto giant FTX collapses into bankruptcy
Embattled cryptocurrency exchange FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.
Former boss Sam Bankman-Fried has also stepped down as chief executive, the company said.
It is a massive turn of fortunes for the 30-year-old, who had headed the world's second largest crypto exchange.
In just over a week, his FTX empire has collapsed, shaking confidence in the already troubled crypto market.
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In related news…
https://www.reuters.com/markets/curr...es-2022-11-12/
Quote:
Exclusive: At least $1 billion of client funds missing at FTX
- FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda - sources
- Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda - sources
- Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources
- Executives set up book-keeping "back door" that thwarted red flags - sources
- Whereabouts of missing funds is unknown - sources…
… Bankman-Fried showed several spreadsheets to the heads of the company's regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. The spreadsheets displayed how much money FTX loaned to Alameda and what it was used for, they said.
The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda's assets, the sources said. The spreadsheets did not indicate where this money was moved, and the sources said they don't know what became of it.
In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software.
They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.
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