10/01/2023: The Attorney General and The Rise and Fall of Sam Bankman-Fried
60 Minutes
00:00
Unraveling of FTX and the Discovery of Misused Funds
This chapter discusses the unraveling of FTX and the discovery that investors' money intended for FTX had ended up in Bankman Freed's privately held fund, Alameda Research, totaling over $8 billion. It explores the question of whether Bankman Freed knowingly stole customers' money and reveals that Alameda Research created bank accounts for traders to send money into, but failed to transfer the funds to FTX. The chapter highlights the significance of this issue and poses tough questions about Bankman Freed's knowledge and responsibility.
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